Monarch finalises $19.5m capital raising

West Perth-based Monarch Gold Mining Company Ltd has completed a $19.5 million capital raising, after shareholders subscribed for 77 per cent of entitlements under a non-renounceable offer.

The capital raising, to ensure the company remained debt free and cashed up to escalate exploration at Minjar and Bellevue as production commences at Davyhurst and Mt Ida, saw shareholders subscribe for 60.1 million of the 78.1 million shares distributed through the one for four entitlements offer.

Nonetheless, the company has received agreements to subscribe for all the remaining shares, with directors Michael Etheridge, Ian Huitson and Kieth Vuleta taking a stake of 4.4 million shares.

Further to this, the company has also announced plans to raise $6.25 million through a placement of 25 million shares at 25 cents each.

The placement is due to settle and be alloted on June 22.