Bullion Monarch in talks to raise capital through share offering in Canada

Bullion Monarch Mining (OTCQB:BULM) announced Friday its management is currently meeting with managed funds and other institutional investors in Europe and Canada, in an effort to raise capital through a share offering and listing in Canada.
Bullion said it hired an agent in regards to an offering of its shares in Canada, and that the financing could consist of up to 10.0 million common shares.
The funds that the gold-focused exploration royalty company secures would be allocated to accelerate its exploration projects in the historically gold-rich Tapajos region of Brazil, Bullion said. The proceeds would also provide Bullion with a reserve of cash, allowing it to take advantage of future acquisition opportunities.
The company acquired several properties in this region of Brazil when it purchased Brazilian mining and exploration company Dourave in an all-share deal in March, including the Bom Jesus, Bom Jardim, Oro Mil, Pontal do Paraita, Caldeira and Niquelandia properties.
It has been working extensively at Bom Jesus, where, earlier this year, it extended a gold anomaly after results from a sediment sampling program exceeded expectations.
The company said that traditionally, any values between 50 and 100 ppb gold would be considered anomalous. Several results, according to Bullion, were returned with over 3000 ppb gold, or 3 grams of gold per ton, with the highest result being over 20,000 ppb gold, or 20 grams of gold per ton.
In early June, the company said it had begun exploration at the Niquelândia property in Goiás, Brazil, representing the first aluminum project for Bullion.
On the OTC, Bullion shares rose 2.04% to trade at $1.00 as of 1:33 pm EDT.