Monarch Mining Corporation announced a best efforts private placement of 16,666,666 units at a price of CAD 0.60 for the gross proceeds CAD 10,000,000 on March 16, 2022. Each unit will consist of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at an exercise price of CAD 0.95 for a period of 5 years following the closing date. The transaction is expected to close on or about April 6, 2022. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the Toronto Stock Exchange. The company will grant the agents an option to increase the size of the offering by up to an additional 20% of the units sold under the offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing date.

On the same date, the announced that it will issue 20,000,000 units at a price of CAD 0.60 per unit for gross proceeds of CAD 12,000,000.