Monroe raising $3 million for diamond prospecting

Canadian diamond prospecting and mining company Monroe Minerals Inc. announced October 3 that it plans to raise up to Can. $3.5 million (U.S.$2.96 million) through a private placement.

Monroe said it will use the proceeds of the offering for diamond exploration and development in southern Africa and for general working capital.

Toronto Stock Exchange-traded Monroe is focused on kimberlite exploration in southern Africa.