Monarch Gold Announces The Closing of The Sale of The Fayoll
MONTREAL, June 8, 2020 /PRNewswire/ - MONARCH GOLD CORPORATION ("Monarch" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce the closing of the sale of the Fayolle property to IAMGOLD Corporation ("IAMGOLD") (TSX: IMG) (NYSE: IAG) for a total consideration of $11.5 million.
IAMGOLD issued 1,851,145 common shares to Monarch at a price of $5.24 per share for a total value of $9.7 million and will pay an additional $0.3 million in cash upon transfer of ownership of a parcel of land to IAMGOLD and an additional $1.5 million in cash 90 days after the initial transport of ore from the Fayolle deposit.
Following this transaction, Monarch now has approximately $20 million in cash and short-term investments.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on becoming a 100,000 to 200,000 ounce per year gold producer through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns over 315 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold, which includes proven and probable reserves of 1.8 million ounces of gold), the Beaufor, Croinor Gold (see video), McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Monarch Gold Corporation