Monarch Sells Mining Assets to Probe Gold and Bullrun

MONTREAL, March 04, 2024 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION ("Monarch" or the "Corporation") (TSX: GBAR) announces that it has entered into binding agreements for the sale of its Beaufor, McKenzie Break and Swanson properties (the "Transactions"). 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").

The Corporation has entered into an asset purchase agreement with Probe Gold Inc. ("Probe") for the sale of the Beaufor Property and the McKenzie Break Property to Probe.

The Corporation also entered into an asset purchase agreement with Bullrun Capital Inc. ("Bullrun") for the sale of the Swanson Property to Bullrun.

These agreements are subject to approval of the Superior Court of Quebec (the "Court") in the CCAA Proceedings.

Closing of the Transactions are subject to several conditions, including Court approval of the Transaction, and all requisite regulatory approvals. The consideration payable under the Transactions to the Corporation must remain confidential in order to preserve the integrity of the SISP in the event that the conditions precedent are not satisfied.

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.

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