Kiernan's $30m lifeline for Monarch7-July-08Written by Edited...

Kiernan's $30m lifeline for Monarch
7-July-08
Written by Edited announcement

Michael Kiernan has released details of a $30 million funding package to save Monarch Gold Mining Company Ltd, which includes a $25 million capital raising and an interest-free $15 million loan provided by the Kiernan family.

The $25 million capital raising, priced at 25 cents per share, will have a free one-for-one attaching 25c option, and as part of that package, the Kiernan family will provide a $15 million loan or subscribe for up to 60 million shares of the raising.

In a statement, Monarch said the balance of the capital raising, $10 million, will be underwritten at no cost by the Kiernan family.

here the TTY management should have agreed, then everything would look better