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Monument Mining Ltd. V.MMY

Alternate Symbol(s):  MMTMF

Monument Mining Limited is a Canada-based gold producer. The Company is engaged in the operation of gold mines, acquisition, exploration, and development of precious metals with a focus on gold. It owns a 100% interest in the Selinsing Gold Mine and the Murchison Gold Project. The Selinsing Gold Mine is located in Pahang State, within the Central Gold Belt of Western Malaysia, and comprises the Selinsing, Buffalo Reef, Felda Land, Peranggih and Famehub projects. Buffalo Reef lies continuously and contiguously along the gold trend upon which the Selinsing Gold Property is located. Both Felda and Famehub are located east and north of the Selinsing and Buffalo Reef properties. It has a 100% interest in the Murchison Gold Portfolio, which consists of the Burnakura, Gabanintha, and a 20% interest in Tuckanarra gold properties, located in the Murchison Mineral Field. Burnakura and Gabanintha are located southeast of Meekatharra, Western Australia and northeast of Perth, Western Australia.


TSXV:MMY - Post by User

Comment by nozzpackon Oct 11, 2020 6:59pm
81 Views
Post# 31703152

RE:Deposit for Due Diligence

RE:Deposit for Due DiligenceThis conditional offer, being legalized in hard copy,  was essentially a very definitive LOI ( Letter of Intent ) backed up by $3.75 million US which is $5 m in cad.

As these so called break fees are almost always in the 1 to 3% of gross value, this offer was substantial even at a 3% break fee ( $5 million times 100 / 3% =  $165 million CAD....the entire company ).

Exchange regulations require that such transactions should be press released right away.
Such was not the case, as disclosure was not disclosed until Sept 17th and even then was by a single line of text buried in the back pages of the 2020 annual report, without any management commentary .

Subsequently, Monument advanced the AGM from December to October.

Yet, we have the agenda for the AGM in October which has no mention of this offer which would require shareholder approval.

Nothing makes sense except ...

1...the offer was a fake, intended only to convince shareholders to vote for management 

2...the deal fell through subsequent to Sept 17th but before the AGM agenda was made....and management again violated exchange rules by not issueing a news release.

3..The exclusivity clause was  used to fend off potential  offer from parties that might be low balled

4..Due diligence has been extended until the results of recent drilling and mining of another high grade zone at Peranghi become available .

Pehaps others have another theory to explain this illegal and bizarre TO exercise.

I tend to favor #1 and #4, with a heavy weighting towards #1, as #4 implied price of $0.50 per share
is too rich for a first offer ......unless my estimates of newly discovered oxide gold at Peranghi and Mentique are on the mark..
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