VANCOUVER, March 6, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and
FSE: D7Q1) ("Monument" or the "Company") is pleased to announce that it has closed the second tranche of its
previously announced brokered private placement (the "Offering"). Closing of subsequent tranches of the Offering will be subject to
certain conditions, including the final approval of each tranche by the
TSX Venture Exchange.
Pursuant to the terms of the agency agreement between Mackie Research
Capital Corp. ("MRCC"), Salman Partners Inc. and the Company dated February 12, 2013 (the "Agency Agreement"), the Company has completed the second tranche of the Offering and
issued 14.5 million common shares at an issue price of $0.50 per common
share (the "Issue Price") for gross proceeds of $7.25million.
Pursuant to an agreement with the Company's major shareholder, GoldMet
B.V., the Offering as a whole has been reduced to no more than 82
million common shares of the Company, of which an aggregate of 44.5
million common shares have been issued in the first and second
tranches.
Monument engaged MRCC as lead agent and sole book runner in a syndicate
including Salman Partners Inc. (together with MRCC, the "Agents"), to complete the Offering on a best-efforts basis. The Company
granted the Agents an option (the "Over-Allotment Option") to increase the size of the Offering by up to an additional 15% in
the number of common shares.
Pursuant to the terms of the Agency Agreement, the Agents will receive a
cash commission of 7.0% of the gross proceeds of the Offering, payable
upon the closing of each tranche. In addition, the Agents will receive
non-transferable common share purchase options (the "Agents' Options") to purchase that number of common shares which is equal to 7.0% of
the total number of common shares issued pursuant to the Offering,
including any common shares issued pursuant to the exercise of the
Over-Allotment Option, for a period of 24 months after closing, at the
Issue Price. The Agents' Options are issuable upon the closing of each
tranche.
In connection with the closing of the second tranche of the Offering,
the company paid the Agents a total cash commission of $507,500 and
issued Agents' Options for a total of 1,015,000 common shares.
The securities issued pursuant to the second tranche of the Offering are
subject to a statutory four-month hold period expiring on July 6, 2013.
The proceeds from the second tranche of the Offering shall be applied by
Monument toward the development of the Mengapur project, and for
general working capital.
About Monument
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian
gold producer that owns and operates the Selinsing Gold Mine in
Malaysia, with production cash costs among the lowest in the world. Its
experienced management team is committed to growth and is advancing
several exploration and development projects in Malaysia, including the
advanced-stage Mengapur Polymetallic Project. The Company employs 280
people in Malaysia and is committed to the highest standards of
environmental management, social responsibility, and health and safety
for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statement
This news release contains forward-looking statements and
forward-looking information about Monument Mining Limited ("Monument"),
its business and future plans (together, "forward-looking statements").
Forward-looking statements are statements that are not historical facts
and include the timing and completion of the proposed programs and
events, including the Offering. The forward-looking statements in this
news release are subject to various risks, uncertainties and other
factors that could cause actual results or achievements to different
materially from those expressed or implied by the forward-looking
statements. These risks and certain other factors include, without
limitation, regulatory and other risks related to the Offering; the
outcomes of applications for renewal of property rights; government
regulation of mining operations; and environmental risks. Generally,
forward-looking statements can be identified by the use of forward-
looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration activities;
litigation risks; risks with respect mining licenses and exploration
licenses; foreign operations risks; financing risks; other risks
inherent in the mining industry and other risks described in the
management's discussion and analysis of the Company, which is available
under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward- looking statements. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE: Monument Mining Limited