Monroe Minerals completes $1 million financing



    CALGARY, April 4 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX)
("Monroe" or the "Corporation") is pleased to announce it has completed the
offering previously announced on February 22, 2007 (the "Offering"). In total,
Monroe has issued 10,070,000 units ("Units") by way of private placement at a
purchase price of $0.10 per Unit for an aggregate consideration of $1,007,000.
    Each Unit consists of one common share in the share capital of Monroe
("Common Shares") and one-half of one Common Share purchase warrant
("Warrant"). One whole Warrant is exercisable into one Common Share at a price
of $0.15 per Common Share until October 2, 2008. The Corporation has the right
to accelerate expiry of the Warrants should the trading price of the
Corporation's Common Shares exceed $0.15 per Common Share over a period of 20
consecutive trading days. The Common Shares and Warrants are subject to a four
month hold period from the date of issuance. Finder's fees in the amount of
$60,160 and non-transferable finder's warrants to purchase 601,600 Common
Shares at a price of $0.10 per Common Share until April 2, 2008 were paid to
arm's length finders in connection with the Offering.
    Derek J. Moran, President and CEO of Monroe, has acquired 1,600,000 Units
(approximately 2% of Monroe's issued and outstanding shares on a post-closing
basis) pursuant to the Offering. On a pre-closing basis, Mr. Moran did not
directly hold any Common Shares of Monroe. Minvest Trust, Isle of Man, holds
17,095,685 Common Shares (approximately 24.4% of Monroe's issued and
outstanding shares on a pre-closing basis). Mr. Moran is taken to be
indirectly interested in the Common Shares held by Minvest Trust as he and his
family are potential beneficiaries under the trust deed. On a post-closing
basis, Mr. Moran is directly or indirectly interested in 18,695,685 Common
Shares (approximately 23.3% of Monroe's issued and outstanding Common Shares
on a post closing basis), 1,700,000 Warrants and stock options to acquire
2,912,500 Common Shares. Mr. Moran has advised that he holds the securities
directly owned and controlled by him for investment purposes and he has no
current intention to acquire additional securities of Monroe, but, depending
on market and other conditions, may from time to time increase his ownership,
control or direction over the securities of Monroe including the acquisition
of additional shares of Monroe through the exercise of Warrants or stock
options or he may dispose of its securities.
    Monroe will use the proceeds of the Offering to work toward the assembly
of a portfolio of uranium properties, diamond exploration and development and
for general working capital purposes. The Offering is subject to regulatory
approval.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this News Release

    Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.

    %SEDAR: 00007777E




For further information:

For further information: Derek J Moran, President, Monroe Minerals Inc.,
27 82 440 3426; Robin Cook, Account Manager, CHF Investor Relations, (416)
868-1079, robin@chfir.com - To receive company news releases via e-mail,
please advise catarina@chfir.com and specify "Monroe press releases" in the
subject line.

Organization Profile

MONROE MINERALS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890