Goldmet OK with Monument - NR Monument Welcomes Support from Major Shareholder (cnw)
VANCOUVER, Feb. 21, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced that it has reached an agreement with GoldMet B.V. ("GoldMet") pursuant to which GoldMet confirms that it no longer has concerns as previously expressed and agreed to fully support Monument's management and the present Board of Directors at the upcoming Annual General Meeting of shareholders.
"We value GoldMet's commitment to Monument's progress, our team, and the strategy we are pursuing," said Robert F. Baldock, President and Chief Executive Officer of Monument.
Pursuant to the agreement with GoldMet, Monument has agreed to nominate for election to the Board of Directors a candidate proposed by GoldMet, subject to approval of the nominee by Monument. GoldMet has chosen Jean Edgar Trentinian, who is already a director of Monument, as its nominee director until further notice. Monument also agreed to reduce the size of the brokered private placement announced on December 17, 2012 such that the Company will raise no more than a further $26 million (52 million common shares). On February 12, 2013, the Company announced the closing of the first tranche of the brokered private placement, totaling $15 million (30 million shares).
With GoldMet's support, the Company intends to pursue other financing alternatives to satisfy its planned capital expenditure requirements to advance the phased development of the Company's 100 percent owned Mengapur polymetallic project. Monument has agreed that it will not conduct any new private placement financings in the next twelve months without the reasonable consent of GoldMet. In addition, GoldMet has agreed that any financing in connection with a listing of the Company's shares on Malaysia's stock exchange, the Bursa Malaysia Berhad, would be acceptable to GoldMet.
Added Mr. Baldock: "Management's capital-raising and operational plans are focused on the development of our 100 percent owned Mengapur polymetallic project. As well, we continue our track record of low-cost gold production at our Selinsing mine. We believe that this work, along with our other projects, will continue to create value for all shareholders as we continue with our strategy of becoming a mid-tier gold and metals producer."
About Monument Mining Limited
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the polymetallic Mengapur project. The Company employs 280 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
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