Monarch to raise up to $10m

WEST Perth-based gold explorer and developer, Monarch Gold Mining Company Ltd, has announced plans to raise up to $10 million through a share purchase plan, before the company starts mining in May this year.The company will issue up to 20,000 shares to eligable shareholders at 24 cents each, with the company aiming to raise a minimum of $2.5 million to fund a refurbishment of the mine and future exploration. Monarch chairman Michael Kiernan bought almost 14 million shares for more than $3 million on-market last month, bringing his interest in the company to 32.5 million shares and 10 million options.