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Provider: Thomson Reuters Stock Report
Provider: Wright Reports
Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report

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Monument Mining Ltd Announces Private Placement To Tulum Corporation

Wednesday, 17 Oct 2012 09:11am EDT 

Monument Mining Ltd announced that its Board of Directors has approved a non-brokered private placement to Tulum Corporation (Tulum) of up to 52,000,000 shares at a price of $0.45 per share for net proceeds of up to $23,400,000 to the Company. There are no warrants issued or finder's fees paid in connection with the private placement. The transaction remains subject to the approval of the TSX Venture Exchange. As a result of the completion of the private placement, Tulum will hold approximately 19.90% of the issued shares of the Company and the Company understands that Tulum will become the second largest shareholder of the Company. Proceeds of the placement will be used to fund the continuing development of the Mengapur Project. Specifically, the Company plans to implement drilling, engineering design and plant construction works towards a targeted commencement of production in 2014. 

Company Quote

0.01 +4.76%
12:52pm EDT