Monarques Gold Corporation (TSXV:MQR) announced a private placement of 22,582,500 common shares at a price of CAD 0.24 per share for gross proceeds of CAD 5,419,800 on June 11, 2020. The company will also issue 11,291,250 warrants, each warrant entitling the holder to purchase one common share of the company at a price of CAD 0.29 until June 10, 2023. The transaction involves participation from Yamana Gold Inc. (TSX:YRI) for CAD 4,200,000, existing investor, Alamos Gold Inc. (TSX:AGI) for CAD 720,000, and other investors for CAD 499,800.

As part of the round, a representative of Yamana Gold Inc. will join the company's board of directors. The securities to be issued pursuant to the transaction will be subject to a four month and one day hold period ending October 11, 2020, under applicable Canadian securities legislation.