Monarques Resources (TSX: V.MQR, Stock Forum) Wednesday said it has acquired five properties owned by Plato Gold in the Val-d'Or region of Quebec, this according to a company news release.
Under the terms of the agreement, Monarques will acquire a 100% interest in 192 mining claims for $25,000, which is payable by the issuance of 192,308 common shares of the company at a deemed price of 13 cents per share.
Monarques has also agreed to pay to Plato a 1% royalty (NSR) upon the beginning of commercial production of the mining claims.