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.