Le Lézard
Classified in: Mining industry
Subject: MERGERS AND ACQUISITIONS (M&A)

Monarch Announces the Closing of its Transactions With Probe Gold and Bullrun


MONTREAL, April 03, 2024 (GLOBE NEWSWIRE) -- 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 [email protected] 

 



These press releases may also interest you

at 17:51
Following approval from the relevant regulatory authorities, Vale S.A. ("Vale" or "Company") is pleased to announce the completion of its approximately US$2.5 billion sale to Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public...

at 17:30
Vista Gold Corp. ("Vista" or the "Company") today announced the voting results from its annual general and special meeting of shareholders held on Tuesday, April 30, 2024 (the "AGM" or "Meeting"). A total of 69,554,939 common shares in the capital...

at 17:22
Canada Nickel Company Inc. ("Canada Nickel") was proud to participate in an Ontario government delegation at the 2024 Energy Transition Metals Summit in Washington, D.C. During the summit, CEO Mark Selby, a veteran in the mining industry with over...

at 17:15
New Gold Inc. ("New Gold" or the "Company") reports first quarter 2024 results. First quarter 2024 production totaled 70,898 gold ounces and 13.3 million pounds of copper as planned at an operating expense of $1,106 per gold ounce sold (co-product...

at 17:06
Cerrado Gold Inc. ("Cerrado" or the "Company") announces production results for the first quarter of 2024 ("Q1...

at 17:00
OceanaGold Corporation ("OceanaGold" or the "Company") reported its operational and financial  results for the three months ended March 31, 2024. The condensed interim consolidated financial statements and Management's Discussion and Analysis...



News published on and distributed by: