Evanachan Limited

May 26, 2016 17:15 ET

Evanachan Limited Files Early Warning Report in Connection With Private Placement in Monarques Gold Corporation

TORONTO, CANADA--(Marketwired - May 26, 2016) - Evanachan Limited ("Evanachan") has subscribed by way of a private placement for 8,571,430 common shares (the "Shares") of Monarques Gold Corporation ("Monarques") at a price of $0.175 per Share and 4,285,715 share purchase warrants (the "Warrants") for aggregate gross proceeds of $1,500,000.25 (the "Offering"). Each Warrant is exercisable for thirty-six months from the closing of the Offering, at an exercise price of $0.25. This subscription agreement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities to be issued will be subject to a hold period of 4 months plus one day in Canada.

The 8,571,430 Shares purchased by Evanachan represent 7.87% of the currently issued and outstanding common shares of Monarques. After giving effect to the exercise of the 4,285,715 Warrants (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Monarques), the common shares and the common share purchase warrants held by Evanachan represent, in the aggregate approximately 10.95% of the currently-issued and outstanding common shares of Monarques.

Evanachan, a corporation wholly owned by Robert R. McEwen, has acquired the common shares and the common shares purchase warrants of Monarques for investment purposes, and in accordance with applicable securities laws, Evanachan may, from time to time and at any time, acquire additional common shares of Monarques and/or its subsidiaries and/or other equity, debt or other securities or instruments (collectively, "Securities") of Monarques and/or its subsidiaries in the open market or otherwise and reserves the right to dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Monarques and/or its subsidiaries and other relevant factors.

A copy of the early warning report filed in connection with the offering will be made available on SEDAR (www.sedar.com).

Contact Information

  • Stefan Spears
    Evanachan Limited
    150 King St. West Suite 2800
    Toronto, Ontario
    (647) 258-0395 x280