Monarch Mining Corporation Announces the Closing of the $4.5 Million Transaction With Gold Royalty Corp.
MONTREAL, April 06, 2022 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce the closing of the previously announced transaction with Gold Royalty Corp. (“Gold Royalty”) (NYSE: GROY) whereby Gold Royalty has acquired the following royalty interests from Monarch and eliminated the following buybacks for cash proceeds of C$4.5 million (the “Transaction”):
- (i) an additional C$1.25 per tonne royalty on all material processed through the Beacon mill originating from the Beaufor Mine, and each of the Croinor Gold, McKenzie Break and Swanson properties, and any future properties of the Corporation;
- (ii) an additional 0.25% net smelter return (“NSR”) royalty on each of the McKenzie Break, Croinor Gold and Swanson properties; and
- (iii) the elimination of the 1.25% royalty buybacks on each of the McKenzie Break, Croinor Gold and Swanson properties.
Laurentian Bank Securities Inc. acted as financial advisor to Monarch in connection with the Transaction.
About Gold Royalty
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty’s diversified portfolio currently consists of net smelter return royalties on gold properties located in the Americas.
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
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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