Monarch Mining Corporation Announces the Closing of the $13.5 Million Financing with Investissement Québec
MONTREAL, Aug. 16, 2021 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce the closing on August 13, 2021, of the previously announced $13.5 million senior secured term loan agreement (the “Loan”) with Investissement Québec (see press release dated August 3, 2021). The Loan has a three-year term and bears interest at an annual rate of 6% until the restart of the Beaufor Mine and Beacon Mill, 5% during the first year of production and 4% for the subsequent years, subject to certain pre-established terms and conditions.
About Investissements Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by stimulating business innovation, entrepreneurship and recovery, as well as investment and export growth. Active in every administrative region of Québec, the corporation supports the creation and development of businesses of all sizes through investments and adapted financial solutions. Investissement Québec also supports companies through consulting services and other accompanying measures, including technological support offered by Investissement Québec – CRIQ. Also, through Investissement Québec International, the corporation assists companies in exporting and prospecting for foreign talent and investment in Québec.
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.
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.