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Monarques acquires another royalty on Chimo property

Published by , Assistant Editor
Global Mining Review,

Monarques Gold Corp. (Monarques) has acquired a 2% net smelter royalty (NSR) on the Chimo-Boyd claims in exchange for the issuance of 170 000 common shares of Monarques at a price of CAN$0.28 per share and a cash payment of CAN$8400. On 10 September 2018, Monarques announced the sale of its remaining interest in the Chimo property (including the Chimo-Boyd claims) to Chalice Gold Mines Ltd.

"With this transaction, we now hold a 2.5% NSR on almost all of the 73 claims forming the Chimo property, with the exception of a few claims for which we hold a 0.5% NSR," said Jean-Marc Lacoste, President and CEO of Monarques. "If the property were ever to go into production, we would be able to reap the benefits of this investment at a more than reasonable cost."

The common shares issued pursuant to this transaction are subject to a statutory hold period of four months and one day from the issuance of the shares.

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Canadian mining news