Monarch Announces the Closing of its Transactions With Probe Gold and Bullrun
03 4월 2024 - 8:00PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) announces the
closing of its previously-announced transactions with Probe Gold
Inc. (“
Probe”) for the sale of the Beaufor
Property and the McKenzie Break Property to Probe, and with Bullrun
Capital Inc. (“
Bullrun”) for the sale of the
Swanson Property to Bullrun.
Transactions details
Probe acquired a 100% interest in the McKenzie
Break and Beaufor properties, for aggregate consideration of $8.5
million, paid to Monarch as follows: (i) Probe issued 3,580,902
common shares (the “Consideration Shares”) for a
total value of $5.4 million based on the 10-day volume weighted
average price (VWAP) of Probe’s common shares on the Toronto Stock
Exchange for the period ending on April 1, 2024, with the
Consideration Shares being issued at a deemed price of $1.508 per
Consideration Share; and (ii) a cash payment of $3.1 million. The
Consideration Shares have a hold period of four months and one day
from closing date of the acquisition.
Bullrun acquired a 100% interest in the Swanson
property, for an aggregate cash consideration of $350,000.
The transactions are the culmination of the
Corporation’s previously announced court-approved sale and
investment solicitation process (“SISP”) carried
out by PricewaterhouseCoopers Inc. in its capacity as Monitor in
the Corporation’s ongoing proceedings pursuant to the Companies’
Creditors Arrangement Act (the “CCAA
Proceedings”).
Neither Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
manuals of the Toronto Stock Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Further information regarding the Corporation is
available in the SEDAR+ database (www.sedarplus.ca) and on the
Corporation’s website at: www.monarchmining.com.
FOR MORE INFORMATION:
Jean-Marc
Lacoste |
|
1-888-994-4465 |
President and Chief Executive Officer |
|
info@monarchmining.com |
Monarch Mining (TSX:GBAR)
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Monarch Mining (TSX:GBAR)
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