Monarques Gold Corp has closed a non-brokered private placement with a Capital Mines Hydrocarbures fund managed by Ressources Québec of 12,820,513 units at $0.39 for gross proceeds of $5m.
Ressources Québec, a subsidiary of Investissement Québec, supports resource companies at every stage of their projects, from exploration and development through to processing.
Monarques president Jean-Marc Lacoste said the proceeds of the funding will go towards the firm's multiple projects for the year, including the 50,000-metre drilling program on Beaufor and Croinor Gold, the 43-101 resource estimates on the McKenzie Break and Swanson properties and the establishment of a development strategy for the Wasamac gold deposit.
Monarques Gold Corp is an emerging gold producer focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada.
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