Toronto, Ontario–(Newsfile Corp. – June 26, 2017) – Monarca Minerals Inc. (TSXV: MMN) ("Monarca" or the "Company") announces that it has completed its previously announced (Press Release May 1, 2017) shares for debt settlement with certain of its creditors (the "Debt Settlement").
Pursuant to agreements between Monarca and certain of its creditors, an aggregate of $463,058.10 in debt was settled through the issuance of 3,561,985 common shares of Monarca ("Common Shares") at a deemed price $0.13 per Common Share.
The Common Shares issued pursuant to the Debt Settlement are subject to a four-month hold period.
As part of the Debt Settlement, Concept Capital Management Ltd. ("CCM") acquired 980,769 Common Shares. Immediately prior to the completion of the Debt Settlement Concept Capital Management Ltd. beneficially held 2,006,563 Common Shares and debentures and warrants convertible into additional 3,436,363 Common Shares, or approximately 4.7% and 12.7% of the then issued and outstanding Common Shares on a non-diluted and on a partly diluted basis, respectively. The acquisition of Common Shares pursuant to the Debt Settlement increased its holdings to approximately 6.5% and 13.9% of the issued and outstanding Common Shares on a non-diluted and on a partially diluted basis, respectively. The Common Shares were acquired by CCM for investment purposes. CCM may acquire additional securities of the Company either on the open market or through private acquisitions or sell securities of the Company either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. CCM has also prepared an early warning reporting in accordance with the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues that will appear under the Company's profile on www.sedar.com and a copy of which may be obtained by contacting Mr. Hogel, President of CCM, at [email protected]. The foregoing information was provided to the Company by CCM.
About Monarca Minerals Inc.
Monarca is a Canadian company focusing on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 28.7 million ounces of silver (19.8 million tonnes at 45.0 g/t Ag) at its Tejamen deposit.
For further information, please contact:
Allan Folk
Interim Chief Executive Officer
Monarca Minerals Inc.
E: [email protected]
Cautionary Note Regarding Forward-Looking Statements Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Original Article: http://www.newsfilecorp.com/release/27642/Monarca-Minerals-Inc.-Announces-Completion-of-Debt-Settlement#.WVFaq7pFyM8?
