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Monarch Gold announces closing of sale to IAMGOLD

Published by
Global Mining Review,

Monarch Gold Corp. has announced the closing of the sale for the Fayolle property to IAMGOLD Corp. for a total consideration of CAN$11.5 million.

IAMGOLD issued 1 851 145 common shares to Monarch at a price of CAN$5.24 per share for a total value of CAN$9.7 million and will pay an additional CAN$300 000 in cash upon transfer of ownership of a parcel of land to IAMGOLD. The company will also pay an additional CAN$1.5 million in cash 90 days after the initial transport of ore from the Fayolle deposit.

Following this transaction, Monarch now has approximately CAN$20 million in cash and short-term investments.

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