Monarch Announces Implementation of Sale and Investment Solicitation Process
December 05 2023 - 3:16PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) announces that
an order was issued by the Superior Court of Québec on November 15,
2023 (the “
Order”) authorizing
PricewaterhouseCoopers Inc. (the “
Monitor”) to
initiate a sale and investment solicitation process (the
“
SISP”) for the business, in whole or in part.
The SISP is intended to solicit interest and
opportunities for the sale or investment of all or part of the
Corporation's assets and business operations. This may involve one
or more restructurings, recapitalizations or other forms of
reorganization of the Corporation's operations and business.
The SISP proceedings commenced on November 27,
2023, with the issuance of a solicitation letter to potentially
interested parties. The deadline for submission of non-binding
letters of intent by qualified bidders is January 9, 2024, with a
target transaction closing date of no later than February 29, 2024.
Interested parties wishing to obtain more information on the SISP
procedures may visit the Monitor's website:
www.pwc.com/ca/monarch.
For any information regarding the SISP, please
contact:Mr. Mirko Comtoismirko.c.comtois@pwc.com
About
MonarchMonarch Mining Corporation (TSX: GBAR) is a
gold mining company that owns three projects, including the Beaufor
Mine, which is currently on care and maintenance and has produced
more than 1 million ounces of gold over the last 30 years.
Other assets include the McKenzie Break and Swanson properties, all
located near Monarch’s wholly owned Beacon Mill with a design
capacity of 750 tpd. Monarch owns 14,316 hectares (143 km2) of
mining assets in the prolific Abitibi mining camp that host a
combined measured and indicated gold resource of 478,982 ounces and
a combined inferred resource of 383,393 ounces.
Forward-looking statements All
statements, other than statements of historical fact, contained in
this press release including, but not limited to those describing
the timeline of the initiatives described in this press release,
those relating to the Corporation’s commitments and initiatives
outlined in the press release, the intended results of the
initiatives described in this press release, the positive impact of
the foregoing on project economics, and generally those statements
which are discussed under the “About Monarch” paragraph and
elsewhere in the press release which essentially describe the
Corporation’s outlook and objectives, constitute “forward-looking
information” or “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of Canadian, and
are based on expectations, estimates and projections as of the time
of this press release. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by the Corporation as of the time of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect.
Forward-looking statements are subject to known
or unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated or implied in the
forward-looking statements. Risk factors that could cause actual
results or events to differ materially from current expectations
include, among others, the Corporation's ability to continue as a
going concern, the Corporation being a going concern able to
realize its assets and discharge its liabilities, the generation of
interest for its review of a range of alternatives, in either the
sale of part or all of the Corporation or its assets, a potential
investment in Monarch, a debt restructuring, approval of the
arrangement plan by creditors pursuant to CCAA, the ability of the
Corporation to successfully implement its strategic initiatives and
whether such strategic initiatives will yield the expected
benefits, litigation as well as cash flow and capital structure
risks and general business risks. A further description of risks
and uncertainties can be found in Monarch's Annual Information Form
dated September 27, 2023, including in the section thereof
captioned “Risk Factors”, which is available on SEDAR+ at
www.sedarplus.ca. Unpredictable or unknown factors not discussed in
this cautionary note could also have material adverse effects on
forward-looking statements.
Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results
to differ materially from those expressed or implied in any
forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material
difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Neither Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
manuals of the Toronto Stock Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Further information regarding the Corporation is
available in the SEDAR+ database (www.sedarplus.ca) and on the
Corporation’s website at: www.monarchmining.com.
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