MONARCH MINING CORPORATION TSX: GBAR) (OTCQX: GBARF) is pleased to announce the closing of the previously announced transaction with Gold Royalty Corp. (NYSE: GROY) whereby Gold Royalty has acquired the following royalty interests from Monarch for cash proceeds of $11.25 million:
As per the terms of the Transaction, Gold Royalty made a first cash payment of $7.5 million at closing and will make the final payment of $3.75 million in six months.
Laurentian Bank Securities Inc. acted as financial advisor to Monarch in connection with the Transaction.
About Gold Royalty
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty’s diversified portfolio currently consists of net smelter return royalties on gold properties located in the Americas.
Monarch Mining Corporation is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp.
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We acknowledge the [financial] support of the Government of Canada.