Monarch Mining Corporation
3.8.2021 13:36:59 CEST | ACCESS Newswire | Press release
- Three-year term loan agreement with a maximum annual interest rate of 6% to restart the Beaufor Mine and the Beacon Mill
- Monarch continues to strengthen its financial position, with over $43 million in cash and cash equivalents
MONTREAL, QC / ACCESSWIRE / August 3, 2021 / MONARCH MINING CORPORATION ('Monarch' or the 'Corporation') (TSX:GBAR)(OTCQX:GBARF) is pleased to announce that it has entered into a $13.5 million senior secured term loan agreement (the 'Loan') with Investissement Québec. The Loan has a three-year term and bears interest at an annual rate of 6% until the restart of the Beaufor Mine and Beacon Mill, 5% during the first year of production and 4% for the subsequent years, subject to certain pre-established terms and conditions.
'We are delighted to have received financial support from Investissement Québec to restart operations at the Beaufor Mine and Beacon Mill,' said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. 'This latest non-dilutive financing agreement, combined with other recently announced financings, will enable us to easily recommission our two main mining assets while maintaining an excellent financial position. We estimate that we will be able to create over 100 new high-quality jobs when our facilities become fully operational in 2022.'
'The mining industry plays a key role in our economy and generates wealth in many of our regions. The revival of the Beaufor Mine and Beacon Mill is an initiative that will support the economic recovery in Abitibi-Témiscamingue while continuing to develop our expertise in the gold sector. Our government is proud to support Monarch's project, which will contribute to the creation of some 100 quality jobs in the region.'
Eric Girard, Minister of Finance and Minister of Economy and Innovation
'Mining is part of Abitibi-Témiscamingue's DNA, where the mining sector is an important source of wealth and jobs for local communities. The revival of the Beaufor Mine and Beacon Mill will support the post-pandemic economic recovery, in addition to enhancing existing facilities in the region and capitalizing on our abundant natural resources.'
Pierre Dufour, Minister of Forests, Wildlife and Parks and Minister Responsible for the Abitibi-Témiscamingue Region and the Nord-du-Québec Region
'The mining industry has been and continues to be key to Québec's economic development. With this financing, we are pleased to be working with an experienced team to resume long-term operations of a gold mine and mill in Abitibi-Témiscamingue, thereby contributing to developing our natural resources and building our expertise while generating significant benefits for the region.'
Guy LeBlanc, President and Chief Executive Officer of Investissement Québec
Once the transaction closes, Monarch will have a stronger balance sheet, with over $43 million in cash and cash equivalents.
The transaction is subject to certain conditions, including, but not limited to, the execution of a final agreement, approval of the Toronto Stock Exchange and other closing conditions that are standard for transactions of this nature.
About Investissements Québec
Investissement Québec's mission is to play an active role in Québec's economic development by stimulating business innovation, entrepreneurship and recovery, as well as investment and export growth. Active in every administrative region of Québec, the corporation supports the creation and development of businesses of all sizes through investments and adapted financial solutions. Investissement Québec also supports companies through consulting services and other accompanying measures, including technological support offered by Investissement Québec - CRIQ. Also, through Investissement Québec International, the corporation assists companies in exporting and prospecting for foreign talent and investment in Québec.
About Monarch
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
FOR MORE INFORMATION:
Jean-Marc Lacoste
President and Chief Executive Officer
1-888-994-4465
jm.lacoste@monarchmining.com
Mathieu Séguin
Vice President, Corporate Development
1-888-994-4465
m.seguin@monarchmining.com
Elisabeth Tremblay
Senior Geologist - Communications Specialist
1-888-994-4465
e.tremblay@monarchmining.com
SOURCE: Monarch Mining Corporation
View source version on accesswire.com:
https://www.accesswire.com/658087/Monarch-Mining-Corporation-Announces-a-135-Million-Financing-With-Investissement-Qubec
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
U.S. Polo Assn. Taps David Swetman as Global Design Lead, Men's and Boys' as Brand Targets $4 Billion in Global Retail Sales15.9.2026 13:00:00 CEST | Press release
Former Abercrombie & Fitch Menswear Leader Joins U.S. Polo Assn. to Advance Global Growth and Elevate Brand Worldwide WEST PALM BEACH, FL / ACCESS Newswire / September 15, 2026 / U.S. Polo Assn.®, the official sports brand of the United States Polo Association (USPA), with a multi-billion-dollar global footprint and distribution in more than 190 countries through over 1,200 retail stores worldwide, today announced the appointment of David Swetman as Global Design Lead, Men's and Boys', further strengthening the sports brand's Global Product Leadership Team as U.S. Polo Assn. continues its worldwide expansion and evolution. U.S. Polo Assn. continues to expand as one of the world's largest and fastest-growing sports brands, serving consumers globally through its extensive retail, e-commerce, and licensing network. The appointment reflects U.S. Polo Assn.'s continued global growth and strategic investment in world-class talent as the brand expands its product innovation, strengthens its c
MTech Mobility Appoints Rodney Moore as General Manager, Europe, to Accelerate Regional Growth15.9.2026 12:00:00 CEST | Press release
Seasoned technology executive brings more than 30 years of enterprise IT leadership to Dublin as MTech Mobility deepens its European commitment following Aer Lingus implementation win DUBLIN, IRELAND / ACCESS Newswire / September 15, 2026 / MTech Mobility today announced the appointment of Rodney Moore as General Manager, Europe. Moore, based in Dublin, will lead MTech Mobility's European operations, expand the regional team, and serve as the primary point of contact for the company's growing base of European customers. "Our European customers face challenges that demand more than a remote relationship - they need a partner who is present, accountable, and embedded in their landscape. Rodney's appointment is a direct investment in that commitment. His track record across Ireland and the UK means he understands exactly what European enterprises face, and he has the depth of experience to help them solve it. We are not just expanding our footprint; we are building the kind of trusted par
Chervon Names Matthew H. DeFeo as Senior Vice President of Sales, Training and Recruiting15.9.2026 00:00:00 CEST | Press release
Accomplished Power Tools and Outdoor Power Equipment industry leader brings decades of experience in sales leadership, talent recruitment and development, channel management, and key account alignment NAPERVILLE, IL / ACCESS Newswire / September 14, 2026 / Matthew DeFeo joins Chervon as Senior Vice President of Sales, Training, and Recruiting effective September 14, 2026, reporting to CEO Joe Galli. Matthew DeFeo brings more than four decades of experience in the power tool and outdoor power equipment industry. He has an exceptional track record in building and leading large sales organizations, channel marketing teams, and training and development teams. DeFeo is widely recognized as a world-class leader in the campus recruiting of high potential graduates. He has built out impressive in-store sales coverage teams, end user marketing teams, campus recruiting teams, and training teams with an intense focus on key account alignment. A hallmark of DeFeo's remarkable career is his mentors
Chervon Names Jeffrey P. Campbell Senior Vice President of Industrial Commercial Sales14.9.2026 23:50:00 CEST | Press release
NAPERVILLE, IL / ACCESS Newswire / September 14, 2026 / Jeffrey P. Campbell joins Chervon as Senior Vice President of Industrial Commercial Sales effective Monday, September 14, 2026, reporting to CEO Joe Galli. Campbell joins Chervon with 25 years of exceptional executive leadership experience in the professional tool industry. He has built and led high-performance sales and channel marketing teams, developed strategic key account partnerships and has consistently driven strong growth across all professional and automotive channels of distribution. In his new role, Campbell will lead Chervon's Industrial / Commercial Sales network serving the many professional and automotive tool channels. "Jeff brings an impressive and unmatched combination of professional and automotive channel sales leadership, channel management, customer partnership skills and organizational development," said Joe Galli, CEO of Chervon. "His exhaustive command of our channels, key accounts, and users, combined wi
AGFA HealthCare Puts Clinical Attention at the Center of Enterprise Imaging at RSNA 202614.9.2026 16:30:00 CEST | Press release
One unified Enterprise Imaging platform brings workflow, streaming, cloud, and AI together to help clinicians stay focused and imaging organizations reduce complexity. CARLSTADT, NJ / ACCESS Newswire / September 14, 2026 / "Clinical attention has become one of healthcare's most valuable resources. The technology surrounding clinicians should preserve focus, not compete for it," said Nathalie McCaughley, President, AGFA HealthCare. "At RSNA 2026, we're showing how Enterprise Imaging continues to evolve around one consistent clinical experience. By bringing workflow, intelligence, and information together around how clinicians naturally work, we can reduce friction and help keep clinical attention where it matters most." At RSNA 2026, AGFA HealthCare will demonstrate how a unified approach to Enterprise Imaging can help healthcare organizations address a growing challenge: imaging volumes and clinical complexity continue to increase, while radiologists and imaging teams are being asked t
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom