Nemaska Exploration Spinout, Monarques Resources, Closes $6 Million IPO

Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) spinout, Monarques Resources, has completed its IPO offering of $6 million as follows: (i) $4 million $0.50 via flow through shares and (ii) $2 million at $0.40 with a 1/2 warrant exercisable at $0.45 until December 10, 2012.  Shares of Monarques Resources are expected to begin trading on the TSX Venture Exchange on June 14th under the ticker symbol MQR. 

As part of the spinout, Monarques issued to Nemaska 18.75 million shares in exchange for the rights, titles, and interests to Nemaska’s non-lithium properties.  Following the financing, there are a total of 31.75 million shares outstanding.

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