NYBob
6年前
Monarch Gold Announces Friendly Acquisition Agreement With Yamana Gold
T.MQR | 7 hours ago
MONTREAL , Nov. 2, 2020 /CNW/ -
MONARCH GOLD CORPORATION (" Monarch " or the " Corporation ") (TSX: MQR) (OTCQX: MRQRF) (FRANKFURT: MR7) is pleased to announce that it has entered into a definitive agreement (the " Agreement ") with
Yamana Gold Inc. (" Yamana " or the " Company ") pursuant to which Yamana will acquire the Wasamac property and the Camflo property and mill through the acquisition of all of the outstanding shares of Monarch (not already owned by Yamana) for total consideration of approximately C$200 million or C$0.63 per Monarch share on a fully diluted basis, under a plan of arrangement.
The total consideration to be paid by Yamana to the shareholders of Monarch (" Monarch Shareholders ") is approximately C$60.8 million in cash and C$91.2 million in Yamana shares.
Under the plan of arrangement, Monarch will first complete a spin-out to its shareholders, through a newly-formed company (" SpinCo ") that will hold its other mineral properties and certain other assets and liabilities of Monarch, by issuing as consideration common shares of SpinCo (the " SpinCo Shares ") having an implied value of approximately C$47.5 million (the " Spin-Out ").
Emerging gold mining company in Abitibi (CNW Group/Monarch Gold Corporation)
The transaction represents a 43% premium to the closing price of Monarch shares on the Toronto Stock Exchange (the " TSX ") on October 30, 2020 and a premium of 43% to the volume weighted average price of the Monarch shares on the TSX for the 20-day period ending on October 30, 2020 .
Transaction Terms
Upon implementation of the plan of arrangement, the following assets and liabilities will be transferred by Monarch to SpinCo in consideration for the issuance of the SpinCo Shares to Monarch Shareholders:
The Beaufor mine, the McKenzie Break property, the Croinor Gold property, the Swanson property and the Beacon Gold mill and property (the " SpinCo Properties '');
C$14 million cash;
All assets and liabilities related to the SpinCo Properties.
Following the Spin-Out, each outstanding common share of Monarch will be exchanged for:
C$0.192 in cash from Yamana;
0.0376 of a Yamana share (a value of C$0.288 based on the volume weighted average price of the Yamana shares on the TSX for the 20 trading days ending on October 30, 2020 );
0.20 of a SpinCo Share (with each full share having a value of C$0.75 per share).
Following the completion of the transaction, Monarch Shareholders will own approximately 1.3% of Yamana and 100% of SpinCo, and
Yamana will own 100% of Monarch.
Board of Directors' Recommendations
The Agreement has been unanimously approved by the Board of Directors of Monarch (with the exception of Yohann Bouchard who abstained) who recommends that Monarch Shareholders vote in favour of the Agreement. The Board of Directors of Monarch has received a fairness opinion from Stifel GMP, which state that the consideration to be received by Monarch Shareholders pursuant to the Agreement is fair from a financial point of view, to Monarch Shareholders (other than Yamana). The Agreement has also been unanimously approved by the Board of Directors of Yamana.
Transaction Conditions & Timing
Full details of the transaction will be included in the management information circular of Monarch that is expected to be mailed to Monarch Shareholders' in December 2020 . The transaction will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act and will be subject to the approval of at least 66 2/3% of the votes cast by Monarch Shareholders and optionholders, voting as a single class, at a special meeting of Monarch Shareholders expected to be held near the end of December 2020 .
The directors and senior officers of Monarch, holding in aggregate over 3% of the issued and outstanding common shares of Monarch, have entered into voting support agreements with Yamana, pursuant to which they have agreed to vote their shares in favour of the transaction. Certain larger shareholders of Monarch have also entered into support agreements and together with shares already owned or held by Yamana, approximately 28% of Monarch's issued and outstanding shares would be voted in support of the Transaction.
The transaction does not require the approval of the shareholders of Yamana. The completion of the transaction is also subject to the receipt of court, stock exchange and any other required regulatory approval, and is subject to certain customary closing conditions for transactions of this nature.
The Agreement provides for, among other things customary board support and non-solicitation covenants, with "fiduciary out" provisions that allow Monarch to accept a superior proposal, subject to a "right to match period" in favour of Yamana. The Agreement also provides for a termination fee of C$8 million to be paid by Monarch to Yamana if the Agreement is terminated in certain specified circumstances.
The companies are working towards closing the transaction by the end of 2020 and not later than early January 2021 .
None of the securities to be issued pursuant to the transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Value to Monarch Shareholders
The total consideration values Monarch at approximately C$200 million or C$0.63 per share - a premium of approximately 43% to the closing price of the Monarch shares on the TSX on October 30, 2020 and a premium of 43% based on the volume weighted average price of the Monarch and Yamana shares for the 20 trading days ending on October 30, 2020
Exposure to Yamana's portfolio of high-quality mines and development projects, in addition to ongoing participation in value creation at Wasamac
Access to Yamana's technical, project development and operating capabilities as well as financial resources
Potential for value accretion through a re-valuation in Yamana's share price as the Company continues to deliver and de-risks its combined asset portfolio
Participation in Yamana's dividend program
Participation in the well-capitalized SpinCo, which will hold a significant portfolio of advanced exploration assets in the prolific Abitibi mining camp, a fully permitted 750tpd mill, and the past producing Beaufor Mine.
Jean-Marc Lacoste , President and CEO of Monarch stated: "We have built, over the years, a great portfolio through acquisitions and organic growth which led to this fruitful transaction within the diversified portfolio of Yamana. A project the size of Wasamac needed a strategic alliance with a good developer and operator with a track record of success in similar styled mineralization and we believe this transaction is in the best interests of the shareholders. The exploration potential offered in the 200 km² eastern Abitibi region (comprised of the Beaufor mine, the McKenzie Break property, the Croinor Gold property, the Swanson property and the Beacon Gold mill and property) will continue to grow for the shareholders in the well-funded newly formed corporation. Finally, the cash component of the offer will permit the long-time shareholders to reduce their initial cost."
Strategic Rationale for Yamana
The acquisition provides Yamana with a high-quality project with a significant mineral reserve and resource base and excellent potential for further expansion. The acquisition adds to the Company's footprint in the Abitibi region, which is consistent with Yamana's strategy to build on its existing presence in established mining jurisdictions where it has deep technical, geological, and operational expertise. In addition, the acquisition of the Wasamac and Camflo properties adds to Yamana's pipeline of organic opportunities, significantly enhancing the Company's future growth prospects. The company has considerable experience in large bulk tonnage underground mines, experience which will support the development of Wasamac. Furthermore, the acquisition aligns with the Company's strategy for a balanced approach to capital allocation.
Advisors and Counsel
The Board of Directors of Monarch has engaged Stifel GMP as its financial advisors and Monarch has engaged Stein Monast LLP as its legal advisors in connection with the transaction.
Yamana has engaged Canaccord Genuity Corp. as its financial advisor and Cassels Brock & Blackwell LLP its legal advisors in connection with the transaction.
ABOUT YAMANA
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada , Brazil , Chile and Argentina . Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
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 ), and McKenzie Break advanced projects, the Camflo and Swanson exploration projects, and the Camflo and Beacon mills. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
Forward-Looking Statements
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.
www.monarquesgold.com
SOURCE Monarch Gold Corporation
Canada Newswire
November 1, 2020 - 11:09 PM PST
Tags:
GOLD INDUSTRIAL METALS & MINERALS
Dobie Lama
13年前
Monarques Announces Closing of $940,000 Financing
December 21, 2012
QUÉBEC CITY, QUÉBEC--(Dec. 21, 2012) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES
MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR) is pleased to announce that it has closed the second tranche of its brokered private placements for an aggregate gross proceeds of $940,000 (the "Offering"), the first tranche of which was closed on December 14, 2012.
Pursuant to the Offering, the Corporation issued a total of (i) 688 flow-through units (the "FT Units"), offered at a price of $1,000 per FT Unit, for gross proceeds of $688,000, each FT Unit being comprised of 3,200 flow-through shares (the "FT Shares"), at a price of $0.25 per FT Share, 1,000 common shares (the "Common Shares"), at a price of $0.20 per Common Share, and 2,100 warrants (the "FT Unit Warrants") and of (ii) 1,260,000 units (the "Units"), offered at a price of $0.20 per Unit, for gross proceeds of $252,000, each Unit being comprised of one Common Share, at a price of $0.20 per Common Share, and one warrant (the "Unit Warrant"). Each FT Unit Warrant and Unit Warrant (the "Warrants") entitle its holder thereof to purchase one Common Share, at a price of $0.30 per Common Share, until December 14, 2015. The Corporation intends to list the Warrants, subject to the approval of the TSX Venture Exchange Inc.
The Offering was conducted by Industrial Alliance Securities Inc. acting as agent (the "Agent"). In consideration for its services, the Agent received a cash commission of $70,500 and agent's warrants (the "Agent's Warrants") to purchase, until December 21, 2015, a number of Common Shares equal to 5% of the total number of FT Shares and Common Shares issued pursuant to the Offering, namely 110,080 Common Shares at a price of $0.25 per Common Share and 97,400 Common Shares at a price of $0.20 per Common Share.
The net proceeds raised from the issuance of the FT Shares will be used by the Corporation to incur exploration expenditures on the Corporation's properties while the net proceeds raised from the issuance of the Common Shares will serve for land acquisition and working capital purposes.
Pursuant to the Offering, 10,000 Units were issued to Mr. Michel Baril, Chairman of the Board of the Corporation. This transaction constitutes a "related party transaction" within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101") and the TSX Venture Exchange Inc. Policy 5.9 - Protection of Minority Security Holders in Special Transactions. However, the directors of the Corporation have determined that the exemptions from formal valuation and minority approval requirements provided for respectively under subsections 5.5(a) and 5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair market value of the Units issued to Mr. Baril nor the fair market value of the consideration paid for these Units exceed 25% of the Corporation's market capitalization. None of the Corporation's directors has expressed any contrary views or disagreements with respect to the foregoing.
A material change report in respect of this related party transaction will be filed by the Corporation but could not be filed earlier than 21 days prior to the closing of the Offering due to the fact that the terms of the participation of each of the non-related parties and the related party in the Offering were not confirmed.
All securities issued pursuant to the Offering, including the Agent's Warrants, are subject to a restricted period of four months and a day, ending on April 22, 2013 under applicable Canadian securities legislation. As a result, the Corporation has 50,567,900 Common Shares issued and outstanding.
Dobie Lama
14年前
QUEBEC, QUEBEC, Apr 25, 2012 (MARKETWIRE via COMTEX) -- Monarques Resources Inc. ("Monarques" or the "Company") (tsx venture:MQR) is glad to announce that Mr. Jean-Marc Lacoste has joined the Board of Directors of the Company. Mr. Lacoste is filling in the position left vacant by the departure of Mr. Victor Cantore. The Board would like to hereby thank Mr. Cantore for his precious involvement within the Board of Directors.
Mr. Jean-Marc Lacoste earned his bachelor's degree in Economics from McGill University in Montreal. In 1993 he started a career in finance at the Montreal Stock Exchange where he worked for National Bank Financial and, subsequently, Merrill Lynch Canada. In 2000 Mr. Lacoste left Montreal for Toronto to join Northland Power, a wind power energy corporation, as Vice President of Acquisitions. He returned to Montreal in 2002 where he joined the boards of a few public and private companies. From 2004 to 2010, he took a major role in Golden Goose Resources Inc. where he became President and CEO and COB. Mr. Lacoste has great leadership skills and will be a tremendous asset on the Board of Monarques resources.
About Monarques
Monarques Resources Inc. /quotes/zigman/5399210 CA:MQR 0.00% is a mineral exploration company that is exploring for base metals, precious metals including the platinum group elements (PGE) and industrial minerals including rare earth elements (REE). Its 100% owned properties are located in the region of Nemaska, in the Lower James Bay Region of Quebec and cover about 125 km of the polymetallic formation of Lac des Montagnes. This greenstone belt is known for its multiple showings and drill ready targets in addition to the Nisk-1 deposit (nickel, copper and PGE). Monarques mineral assets consist of 1,313 map designated claims divided in 10 properties known as Admiral, Arques, Bourier, Caumont, Dumulon, Duval, Lemare, Nisk, Rosebay, and Valiquette. The properties are accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport. Nemaska Lithium /quotes/zigman/7549595 CA:NMX +2.63% (otcqx:NMKEF), an advanced lithium exploration and development company owns 47.2% of the share capital of Monarques.
http://www.marketwatch.com/story/monarques-resources-inc-nomination-of-mr-jean-marc-lacoste-as-new-director-2012-04-25-161690?reflink=MW_news_stmp
Dobie Lama
15年前
Monarques Resources research and analysis
Date: 8 November 2011
Contributed by eResearch
By Bob Weir
Monarques Resources Inc. is a junior exploration company with seven properties in northern Quebec.
The flagship Nisk property consists of 190 claims over 9,850 hectares, and hosts copper, nickel, the platinum group, and gold. The Nisk-1 deposit has a 2009 NI 43-101 compliant resource estimate, comprising 2.04 million tonnes in Measured + Indicated (M+I) resources, containing 47.4 Mlb of Ni and 34.6 Mlb of Cu; and 1.05 million tonnes in Inferred resources, containing 18.8 Mlb of Ni and 7.4 Mlb of Cu.
In June 2011, Monarques held its IPO, during which it raised $6 million. The IPO was a pre-condition for Monarques’ spin-off from Nemaska Exploration Inc. Currently, Nemaska holds 47% of Monarques, IPO investors hold 41%, and Nemaska’s shareholders own 12%.
Since July 2011, the Company has been actively pursuing its exploration program. The biggest milestone to achieve in the near future is completion of the drilling on the key Nisk property where new anomalies have been recently discovered.
Monarques has an extensive exploration program for which it has allocated $4 million, using funds from the IPO. The program is underway.
The Company faces certain challenges. It has been publicly traded only since June 2011, and needs time to gain investor attention and confidence. Six out of seven of its properties lack resource estimates, and the timing for such resource estimates at the moment is unclear.
We give Monarques Resources a Speculative Buy rating, and have a 12 months Target Price of $0.40. The shares are suitable only for risk-tolerant investors.
http://www.stockmarketsreview.com/news/monarques_resources_research_and_analysis_20111108_186938/
Dobie Lama
15年前
MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR) is
pleased to announce it will retain the services of Bay Capital Markets Inc. for
the purposes of providing financial public relations services pertaining to the
activities of the Corporation. In carrying out its mandate, Bay Capital Markets
Inc. will establish a closer and more constant relationship between the
Corporation and the financial community as well as from news media, the whole
subject to the terms and conditions of an agreement to be entered into between
Monarques and Bay Capital Markets Inc (the "Agreement").
The Agreement has a term of twelve months from the date of its signature with
renewal terms of six to twelve months.
In consideration for its services, Bay Capital Markets Inc. will receive a
monthly service fee of $6,000. Bay Capital Markets Inc. is also entitled to the
reimbursement of certain fees and expenses in connection with the services
provided to Monarques.
Upon signature of the Agreement, an option will be granted to Bay Capital
Markets Inc. (the "Option") to purchase up to a maximum of 250,000 common shares
of Monarques (the "Option Shares") at a price of $0.40 per common share for a
period of two years following the date of grant or for 30 days following the
termination of the Agreement. The Option may not be exercised during the three
months following the date of grant. Thereafter, the Option may be exercised, in
whole or in part, in respect of one-fourth of the Option Shares for each
subsequent quarter.
The Agreement, the payment of the service fee and the grant of the Option are
subject to the approval of the TSX Venture Exchange.
Mr. Bosko Djurovic is the President, the sole director and the main shareholder
of Bay Capital Markets Inc. He will be the person who will provide services to
the Corporation. The registered office of Bay Capital Markets Inc. is located at
1200 McGill College, suite 110, Montreal, Quebec.
http://ih.advfn.com/p.php?pid=nmona&article=49800694&symbol=MQR
Dobie Lama
15年前
Nov. 1, 2011, 4:16 p.m. EDT
eResearch Issues Initiating Report on Monarques Resources Inc.Stories You Might Like
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Nov 01, 2011 (ACCESSWIRE-TNW via COMTEX) -- Monarques Resources Inc. /quotes/zigman/5399210 CA:MQR +4.35% is exploring for base metals, PGE and precious metals in the Lower James Bay Region of Quebec. Monarques is the spin-off from Nemaska Exploration Inc.
Monarques' IPO in June 2011 was successful and brought in $6 million in cash. The Company has already allocated $4 million for exploration of its seven properties.
Since July 2011, the Company has been actively pursuing its exploration program. The biggest milestone to achieve in the near future is completion of the drilling on the key Nisk property where new anomalies have been recently discovered.
To read the complete Initiating Report, click here: http://eresearch.ca/_report/MQR_110111-I.pdf
eResearch posts all its reports and articles on its website, www.eresearch.ca , and subscription is FREE.
About Us: eResearch is a primary source for professional investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential for reaching millions of global investors through our extensive electronic distribution network.
Contact:
eResearch: Bob Weir, CFA, Managing Director, Research Services
Telephone: (416) 703-6258 Ext 221; E-mail: bweir@eresearch.ca
http://www.marketwatch.com/story/eresearch-issues-initiating-report-on-monarques-resources-inc-2011-11-01
Dobie Lama
15年前
Lot's of potential here.
Check out the relationship with Nemaska Exploration.
Nemaska Exploration Plans to Transfer Its Non Lithium Related Assets to a Subsidiary and Nominates Yves Caron as Vice-President Exploration
Press Release Source: Nemaska Exploration Inc.
On Thursday March 17, 2011, 9:00 am
QUEBEC CITY, CANADA--(Marketwire - March 17, 2011) - (TSX VENTURE:NMX - News; OTCBB:NMKEF - News; FRANKFURT:NOT - News) - NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") Nemaska announces that it has created a wholly owned subsidiary, Monarques Resources Inc. ("Monarques"), with the intention of transferring all of its non lithium related assets, in exchange for shares. Monarques intends to raise its own capital to fund the exploration work on its properties. The transfer of the Lac Levac, Lac des Montagnes and Lac Arques properties is subject to regulatory authorities' approval and conditional on the closing of a financing of a minimum of $1.8M. After the transfer, Nemaska will become a pure lithium company retaining its advanced stage Whabouchi project and its highly prospective Sirmac property as well as its holding in Monarques.
The Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties are contiguous and cover about 85 km of the Lac des Montagnes green belt polymetallic formation in the James Bay region in the Province of Quebec. They are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport. The Lac Levac property holds the Nisk-1 nickel-copper-PGE deposit on which resources have been released and confirmed by a NI 43-101 report.
"Nemaska is in a unique position of controlling 100 percent of about 85 km of a polymetallic greenstone belt in the Lower James Bay Region, Province of Quebec. The Whabouchi lithium project has been our main focus since the company's initial public offering and we have advanced it at a rapid pace. We believe the best way for Nemaska shareholders to realise the exploration potential of the mineral assets of the remaining properties is to create a new company that is focused on exploring them. Funds raised by Monarques will be spent on exploring a number of high priority targets including the Nisk 1 nickel deposit," commented Mr. Guy Bourassa, President and CEO of Nemaska.
Nemaska also announces the nomination of Mr. Yves Caron as Vice President Exploration. Mr Caron will act as Vice President Exploration for both Nemaska Exploration and Monarques Resources. Geologist with a Master's Degree in Earth Science, Mr. Caron has over 20 years of experience in mining exploration. Mr. Caron has served from project geologist to project manager and consultant geoscientist with numerous organizations and has designed and led important exploration campaigns for different commodities including diamond, uranium, gold and base metals. Most recently, he has acted as senior project manager with North American Palladium Ltd. at the Sleeping Giant mine. Mr. Caron is also director of the Company since October 2008.
"We are very glad to have Mr. Caron join and lead our technical team. With his extensive experience in mining exploration, Mr. Caron will bring a significant expertise to both companies. We are committed to building a permanent exploration team and to continue exploration work on all of our properties." added Mr. Bourassa.
About Nemaska
Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. Its main assets are the Whabouchi (about 1,716 hectares), Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties, all 100 % owned. These properties are contiguous and cover about 85 km of the Lac des Montagnes green belt polymetallic formation. They are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Guy BourassaNemaska Exploration Inc.President418-704-6038bourassag@nemaskaexploration.comwww.nemaskaexploration.comInvestor RelationsWanda Cutler416-303-6460wandajcutler@gmail.com "The problem with quotes on the internet is that it is hard to verify their authenticity." - Abraham Lincoln
Research Pit
http://investorshub.advfn.com/boards/board.aspx?board_id=3915
Dobie Lama
15年前
press release
Aug. 1, 2011, 4:02 p.m. EDT
Monarques Resources Inc. Acquires 2 Groups of Mining Claims Enclosed in the Valiquette and Arques Properties
QUEBEC CITY, QUEBEC, Aug 01, 2011 (MARKETWIRE via COMTEX) -- MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (tsx venture:MQR) is pleased to announce that it has entered into an asset purchase agreement for the acquisition of ten mining claims known as "the North Rupert Block", which are held by Eloro Resources Ltd. ("Eloro"). These mining claims are located in the Province of Quebec, NTS Sheet 32O/14, rows 6 and 7, columns 12 to 16, CDC 2198664 to 2198673. These are enclosed in the Arques property 100% owned by the Corporation. This acquisition will therefore strengthen this area for Monarques.
In consideration of the acquisition of these mining claims, Monarques has agreed to pay to Eloro $5,000 in cash and to issue 50,000 common shares in the capital of Monarques. These common shares will be subject to a 4-month hold period. Also, Monarques has agreed to pay Eloro 1.5% NSR if any of the map-designated mining claims comprising the North Rupert Block are brought into production. Monarques has the right, at any time, to purchase 0.5% of the NSR by paying Eloro the sum of $500,000 in cash.
In addition, the Corporation is also pleased to announce that it has signed a letter of offer providing for the acquisition of three mining claims which are held by Mr. Alain Champagne, namely, claims no. 2203131, 2203132 and 2203133 located in the Province of Quebec, NTS Sheet 32N/09, row 14, columns 58 to 60. Those three claims are strategically located to the west of the recent drilling on the Valiquette showing, for which results were published last July 20.
In consideration of the acquisition of these mining claims, Monarques has agreed to pay to Mr. Alain Champagne $15,000 in cash and to issue 100,000 units of the Corporation. Each unit of the Corporation consists of one common share of its share capital and one common share purchase warrant entitling its holder to purchase one common share of the Corporation's share capital at a price of $0.40 for a period of 18 months from the signature of the claims transfer. Conditional to reaching a certain level of diamond drilling on the claims, the Corporation has also agreed to pay an additional amount of a maximum of $60,000 and to issue a maximum of 500,000 additional units, in equal portions of $15,000 and 100,000 units, every 3,000 meters of diamond drilling on the claims, starting from 3,000 meters. The exercise price of the warrants will be established as the weighted average price of the common shares on the TSX Venture Exchange, during the period of 30 calendar days following the reaching of said number of meters. This commitment is continuous as long as the claims will be in good standing. Also, Monarques has agreed to pay Mr. Alain Champagne a 2% NSR on all metals from the acquired claims. Monarques has the right, at any time until the expiration of the 3 months period following the official production statement, to purchase 1% of the NSR by paying Mr. Alain Champagne the sum of $1,000,000 in cash.
The securities to be issued pursuant to these two agreements will be subject to a 4-month hold period.
ABOUT MONARQUES RESOURCES INC.
Monarques Resources Inc. /quotes/zigman/5399210 CA:MQR +3.13% is a mineral exploration company that is exploring for base metals, platinum group element (PGE) and precious metals on its 100% owned properties in the Lower James Bay Region of Quebec. These properties are entirely underlain by the Lac des Montagnes polymetallic greenstone belt formation, which hosts multiple showings and drill ready targets in addition to the Nisk-1 nickel, copper and PGE deposit. Monarques mineral assets are comprised of 1,090 map designated claims divided in 7 properties known as Bourier, Arques, Lemare, Nisk, Duval, Valiquette and Caumont. The most advanced asset is the Nisk-1 deposit (nickel, copper, PGE) located on the Nisk property which contains a NI 43-101 compliant resource estimate prepared by Pierre Trudel, PH.D. Eng., of RSW Inc. and dated December 19, 2009. The properties are accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport. Nemaska Exploration /quotes/zigman/581507 CA:NMX -6.82% (otcqx:NMKEF), an advanced lithium exploration and development company is a major shareholder of Monarques.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@monarquesresources.com
Guy Bourassa
President, Chief Executive Officer and Secretary
418 704-6038
Dobie Lama
15年前
http://www.monarquesresources.com/documents/PressReleases/Monarques_PressRelease_20_7_2011_en.pdf
July 20, 2011
PRESS RELEASE For immediate issue
Monarques Resources Inc. reports up to 2.66% Ni and 0.71% Cu in drilling on Valiquette showing Quebec, July 20, 2011. Monarques Resources Inc. (“Monarques” or the “Company”) (TSX-V: MQR) is pleased to report the principal results of eight diamond drill holes that were completed during the winter 2011 exploration campaign on its 100% owned Valiquette property. The Valiquette property is part of Monarques 125 km long polymetallic property package, and located about 15 km South-East of the Nemiscau airport, in the James Bay region of Quebec. The Valiquette showing, on the property of the same name, is associated with peridotite intrusions at the contact of the volcanogenic sediment of the Lac des Montagnes formation. These intrusions have a high-magnetic signature which are easily identified. The property has had very little historical work since 1960 and has not been drilled until now. The historical results of surface sampling returned up to 1.75% Ni and 1.42% Cu (grab samples). The eight holes (1,275 m) carried out during the winter of 2011, intercepted a total of thirteen (13) mineral-bearing zones. The best intersections were 2.66% Ni and 0.71% Cu over 3.2 meters, 0.78% Ni and 0.47% Cu over 4.8 meters, 1.15% Ni and 0.39% Cu over 8.3 meters and 1.47% Ni and 0.26% Cu over 2.5 meters. Results to date suggest the Valiquette showing consist of lenses of semi-massive to massive sulphides of magmatic type in contact with metasediments and partly remobilized. These drill results confirm that the Valiquette showing mineralization is occurring for nearly 550 m along strike and to a depth of 250 m. The Valiquette showing is contained within a strong geophysical trend measuring approximately 6 kilometres and containing numerous others targets of interest. Following these encouraging results, the Company will begin its Phase II exploration program which includes up to 3,000 m of diamond drilling, ground geophysics (mag and InfiniTEM), stripping and pulse EM surveys. Mr Guy Bourassa, President and CEO, commented: “We obviously are very encouraged by the potential revealed by these initial results. We are eager to begin the second phase of work, including a second drill program which should help us to confirm the model of mineralisation at depth and along strike.”
The technical sections of this press release have been prepared by Yves Caron, M.Sc., P. Geo., Vice-President Exploration for Monarques and qualified persons as defined in National instrument 43-101.
The samples have been shipped for preparation (crushing and pulverization) to the facilities of Table Jamésienne de Concertation Minière (TJCM) in Chibougamau. The prepared samples were then sent be sent by courier to ALS Chemex facilities of Val-d’Or in Quebec (“ALS”) for analysis under methods ME-ICP61 and PGM-ICP23. This laboratory is recognized by industry and accredited ISO/IEG 17025: 2005 by the Canadian Council of standards. Monarques Resources Inc. implements a rigorous quality control protocol to its operations, including the insertion of analytical control samples, duplicates and blanks and the follow-up on the results of these assays.
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