TSX:MQR - Post Discussion
Post by
locomoco on Jun 08, 2020 8:26am
$20 million in cash and short term investments
Monarch Gold Announces The Closing Of The Sale Of The Fayolle Property To IAMGOLD
Montreal, Quebec, Canada, June 8, 2020 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce the closing of the sale of the Fayolle property to IAMGOLD Corporation (“IAMGOLD”) (TSX: IMG) (NYSE: IAG) for a total consideration of $11.5 million.
IAMGOLD issued 1,851,145 common shares to Monarch at a price of $5.24 per share for a total value of $9.7 million and will pay an additional $0.3 million in cash upon transfer of ownership of a parcel of land to IAMGOLD and an additional $1.5 million in cash 90 days after the initial transport of ore from the Fayolle deposit.
Following this transaction, Monarch now has approximately $20 million in cash and short-term investments.
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