In a news release, gold mining company Monarch Gold Corp. (MQG:TSX; MRQRF:OTCMKTS; MR7:FSE) announced that "it has completed the sale of its Regcourt property and its interest in the Louvem property to O3 Mining Inc. (OIII:TSX.V)."
The company stated that O3 Mining has issued 113,637 common shares of its share capital to Monarch as consideration for the Regcourt property. The firm will also receive another 4,546 common shares from O3 and will receive a 1% NSR royalty for Monarch's 50% undivided interest in the Louvem property. O3 Mining will pay an additional $10,000 in cash to Monarch for the remaining 50% undivided interest in the Louvem property upon transfer of such interest further to the satisfaction of an attached condition.
Monarch Gold's President and CEO Jean-Marc Lacoste commented, "We are very pleased to have entered into this second property agreement with O3 Mining...Like the previous transaction, this is in line with our strategy to derive value from our non-core exploration assets, either through their sale or partnerships with well-established companies, and will allow us to focus on our six advanced gold projects, including our Wasamac flagship project."
"The transaction is subject to regulatory approval, including the final approval of the TSX Venture Exchange on the part of O3 Mining," the company stated.
Monarch Gold stated that it is an emerging gold mining company that is endeavoring to become a 100-200 Koz per year gold producer. It has a portfolio of projects in the Abitibi mining camp located in Quebec, Canada.
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