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Monument closes first tranche of $80m private placement

12th February 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – TSX-V-listed Monument Mining on Tuesday closed the first tranche of its $80-million brokered private placement for gross proceeds of $15-million.

The company said it had issued 30-million shares of the 160-million shares it would issue for the whole offering at 50c a share. The funds would be for the initial development of the Mengapur polymetallic project, in Malaysia, and for general corporate purposes.

The closing of following tranches of the offering would be subject to final approval by the TSX Venture Exchange.

The Malaysia-focused gold producer on Friday said it would proceed with an $80-million private placement offering and disavowed a statement made by 26% shareholder GoldMet, saying the companies had agreed that Monument cancel the financing, among other points of contention.

GoldMet held the equity financing was unnecessary and highly dilutive owing to comprising up to 76% of the number of Monument’s current outstanding common shares.

Monument’s TSX-V-listed shares closed at 43 Canadian cents apiece on Tuesday.

Edited by Creamer Media Reporter

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