Monarch Announces Debt Settlement, Canadian Business Journal
MONTREAL, November 15, 2022 (GLOBE NEWSWIRE) — Monarch Mining Corporation (“monarch” or “Ltd.) (TSX: GBAR) (OTCQX: GBARF) today announced that it has reached agreements worth more than $9.3 million with certain creditors (“debt consolidation”). The Company will issue 36,383,805 He shares of common stock at a price of $0.075 per share, with certain payments He defers to 2023, 2024 and 2025. This will allow Monarch to reduce its accounts payable and free up time for a strategic review of its business.
In addition, Monarch returned $6 million held in the trust to Investissement Québec, reducing the amount by $12.5 million.
Finally, the company also reduced certain accounts payable by returning in-stock items to suppliers.
Monarch President and Chief Executive Officer Jean-Marc Lacoste said:
Equity-based debt settlements are subject to regulatory approval. All shares of common stock issued pursuant to the Debt Settlement are subject to a hold period of four months plus one day from the date of issuance of common stock in accordance with applicable securities laws.
about monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) owns four projects, including the Bufo Mine, which is currently under care and maintenance and has produced over 1 million ounces of gold over the past 30 years A gold mining company. Other assets include Croinor Gold, McKenzie Break and Swanson properties, all near Monarch’s wholly-owned Beacon Mill with a design capacity of 750 tpd. Monarch He owns 29,504 hectares (295 km).2) of the mining assets of the prolific Abitibi Mining Camp, which hosts a measured and indicated gold resource of 666,882 ounces and a total estimated resource of 423,193 ounces.
Forward-Looking Statements
All statements other than statements of historical fact contained in this press release. the business agreement, the Corporation’s commitments and initiatives outlined in the press release, the intended outcomes of the initiatives outlined in this press release, the aforementioned positive impact on the economics of the project, and in the “About Monarch” paragraph Statements Illustrated Elsewhere in press releases that essentially describe our prospects and objectives, “forward-looking information” or “forward-looking statements” in the Canadian sense (collectively, “forward-looking statements”) ) constitutes and is based on expectations. Estimates and projections as of the date of this press release. Forward-looking statements must be based on a number of estimates and assumptions. Although these are believed to be reasonable by us at the time of such statements, they are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove incorrect.
Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied by forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among other things, our ability to continue as a going concern and our ability to realize assets as a going concern and It includes being able to repay the debt. sale of any business, part or all of the Company or its assets, merger or other business combination with another party, potential investment in Monarch, debt restructuring, or the Company, which is due in the foreseeable future; other strategic initiatives aimed at maximizing returns on our assets, our ability to successfully implement strategic initiatives, and whether such strategic initiatives will deliver expected benefits; In the event of funding or financing on terms favorable to the Company, the Company’s business conditions are not materially unfavorable, the expectation that Kommuninvest’s business will continue in the ordinary course, litigation, cash flow and capital structure risks. , and general business risks. A detailed discussion of risks and uncertainties can be found in Monarch’s Annual Information Form dated September 28, 2022, which also includes a section entitled “Risk Factors.” Unpredictable or unknown factors not addressed in this cautionary statement could also have a material adverse effect on forward-looking statements.
Many of these uncertainties and unforeseen circumstances could have a direct or indirect impact that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. I have. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans for the future. We disclaim any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.
Neither the Toronto Stock Exchange nor its regulatory service providers (as the term is defined in the Toronto Stock Exchange Manual) assumes responsibility for the adequacy or accuracy of this release.
More information about the Corporation is available on the SEDAR database (www.sedar.com) and on the Corporation’s website (www.monarchmining.com).
For more information:
www.monarchmining.com
Table 1: Monarch Gold Resource Combinations
Estimation of mineral resources | tons (metric) | School year (g/t Au) | ounce | |
Beaufour Mine1 | ||||
Measured resource | 328,500 | 5.7 | 59,900 | |
the indicated resource | 956,400 | 5.2 | 159,300 | |
Measured and Indicated Total | 1,284,900 | 5.3 | 219,200 | |
total estimate | 818,900 | 4.7 | 122,500 | |
Croynor Gold2 | ||||
Measured resource | 97,700 | 6.24 | 19,600 | |
the indicated resource | 805,900 | 6.50 | 168,300 | |
Measured and Indicated Total | 903,600 | 6.47 | 187,900 | |
total estimate | 200,100 | 6.19 | 39,800 | |
Mackenzie Blake3 | ||||
in-pit | ||||
Shown total | 1,441,377 | 1.80 | 83,305 | |
total estimate | 2,243,562 | 1.44 | 104,038 | |
underground | ||||
Shown total | 387,720 | 5.03 | 62,677 | |
total estimate | 1,083,503 | 4.21 | 146,555 | |
swansonFour | ||||
in-pit | ||||
Shown total | 1,864,000 | 1.76 | 105,400 | |
total estimate | 29,000 | 2.46 | 2,300 | |
underground | ||||
Shown total | 91,000 | 2.86 | 8,400 | |
total estimate | 87,000 | 2.87 | 8,000 | |
totalFive Measured and Directed Resources Estimated resource | 666,882 423,193 | |||
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo. , and Dario Evangelista, P. Eng., BBA Inc. 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc. 3 Source: NI 43-101 Technical Evaluation Report on Mackenzie Blake Properties, October 14, 2021, Val d’Or, Quebec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Groupe of Geologica- Conseil Inc., Merouane Rachidi, P.Geo. and Claude Duplessis, P.Eng. of GoldMinds GeoServices Inc. Four Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc . Five Numbers may not add due to rounding. |
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Monarch Announces Debt Settlement, Canadian Business Journal
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