Monarch Mining Corp GBARF

News out this morning

[loonietunes]

Monarch Mining Obtains US$1 Million from Metalla Royalty & Streaming Following Amendment of Beaufor Royalty Agreement

 

TSX: GBAR
www.monarchmining.com

Mr. Jean-Marc Lacoste reports:

MONTREAL, Feb. 16, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce the signing of an amendment to the agreement regarding the 1% net smelter return royalty on gold production from the Beaufor Mine (the “Royalty”) owned by Metalla Royalty & Streaming Ltd. (“Metalla”) (TSXV: MTA) (NYSE: MTA). In consideration for a US$1 million cash payment to Monarch, the clause stipulating that the Royalty will be exempt until 100,000 ounces of gold have been produced following Monarch’s acquisition of Beaufor will be removed, making the agreement effective immediately for both parties.

“We are pleased to have Metalla’s support as we continue to strengthen our financial position in a non-dilutive manner in preparation for the restart of the Beaufor Mine and the Beacon Mill,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch.

Concurrently, the Corporation also closed its transaction announced on February 7, 2022 with Triple Flag Precious Metals Corp.

About Monarch