Vancouver, B.C., Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce that it has engaged a syndicate of agents, led by Mackie Research Capital Corporation (“MRCC”) and including Salman Partners Inc. and other agents (collectively, the “Agents”), to complete a best-efforts private placement financing (the “Offering”) of up to 160,000,000 common shares of the Company (the “Common Shares”) at a price of $0.50 per Common Share (the “Issue Price”), for aggregate gross proceeds of up to $80,000,000.
We’re basically talking about doubling the share count of a profitable, cash flowing and growing gold producer that has $25 million cash on its balance sheet. And for what? To move the COPPER-dominant Mengapur project into development! It’s completely insane and Monument would be trading at double or better its current price were it not for Mengapur and this financing nonsense which has been hanging over this company’s head for a year and before that a huge overhang of warrants. And let’s not forget that these guys spent $60 million cash to acquire the Mengapur project in the first place, what would be equivalent to a $0.30 dividend. Stock’s currently trading at $0.43. Talk about turning lemonade into lemons. Time for a shareholder revolt.
Attention Mr. Baldock, if you like Mengapur so much you should have and still should marry it to a different company.