Pursuant to the placement, Monarch has issued approximately 22.6 million common shares at C$0.24 each and 11.3 million warrants, with each warrant entitling the holder to purchase one common share of Monarch at a price of C$0.29 until June 10, 2023.

Yamana has subscribed for C$4.2 million in Monarch shares and will be entitled to participate in future Monarch financings to maintain its interest in the company, subject to Yamana maintaining a minimum 5% interest. Yamana will also be entitled to name a representative to Monarch’s board of directors.

Meanwhile, Alamos exercised its right to participate in the private placement to maintain its interest in Monarch, subscribing for an amount of C$720,000.

Proceeds of the financing will be used to advance Monarch’s flagship Wasamac project as well as the Beaufor and McKenzie Break projects in Quebec.

Shares of Monarch Gold climbed 1.9% by midday Thursday, giving the Canadian gold junior a market capitalization of C$71.9 million.