Monarch Mining Corporation
- 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
Karbon-X Expands Blue Carbon Leadership with New Restoration Project in Guinea7.11.2025 14:00:00 CET | Press release
New initiative in the Konkouré Delta builds on Senegal's success, advancing coastal restoration, biodiversity, and community resilience across West Africa. CONAKRY, GN / ACCESS Newswire / November 7, 2025 / Building on the success of its 7,000-hectare mangrove reforestation project in Senegal-which has already generated an estimated 2.8 million tonnes of CO₂ reductions and measurable community benefits-Karbon-X Corp. (OTCQX:KARX) ("Karbon-X" or the "Company") is expanding its blue carbon leadership into the Konkouré Delta of Guinea, as blue carbon emerges as a critical frontier for climate investment and coastal resilience. Developed through ALLCOT - A Karbon-X Company, the project development and advisory arm of Karbon-X, the initiative will replicate and scale the proven model from Senegal, enhancing biodiversity, shoreline protection, and sustainable livelihoods across West Africa. Mangroves are more than trees; they are natural shields protecting coastlines, nurseries for marine li
Innodata Reports Third Quarter 2025 Results6.11.2025 22:30:00 CET | Press release
Revenue up 20% Year-Over-Year Reiterates Prior Guidance of 45% or More YoY Growth in 2025 Anticipates Transformative Growth in 2026 Based on New Wins and Strong Momentum NEW YORK CITY, NY / ACCESS Newswire / November 6, 2025 / INNODATA INC. (Nasdaq:INOD) today reported results for the third quarter ended September 30, 2025. Revenue of $62.6 million for the three months ended September 30, 2025, representing 20% year-over-year organic revenue growth. Revenue of $179.3 million for the nine months ended September 30, 2025, representing 61% year-over-year organic revenue growth. Adjusted EBITDA of $16.2 million for the three months ended September 30, 2025, an increase of $2.3 million, or 17%, from $13.9 million in the same period last year.* Adjusted EBITDA of $42.2 million for the nine months ended September 30, 2025, an increase of $21.8 million, or 106%, from $20.4 million in the same period last year.* Net income of $8.3 million, or $0.26 per basic share and $0.24 per diluted share, f
Innodata Announces New Leadership Appointments to Support Next Phase of Growth6.11.2025 22:05:00 CET | Press release
Rahul Singhal Appointed President and Chief Revenue Officer Daniel H. (Don) Callahan and General (Retired) Richard D. Clarke Appointed to Board Jack Abuhoff Appointed Chairman Stewart Massey Appointed Lead Independent Director NEW YORK, NY / ACCESS Newswire / November 6, 2025 / Innodata Inc. (Nasdaq:INOD), a global data-engineering company, today announced executive management and Board appointments to support the Company's rapid growth and continued global expansion in generative AI solutions and platforms. Rahul Singhal Appointed President and Chief Revenue Officer Rahul Singhal, formerly Innodata's Chief Product Officer and Chief Revenue Officer, has been promoted to President and Chief Revenue Officer. In his expanded role, Singhal will define the Company's overall product strategy, product roadmap, and go-to-market execution across the Company's AI, data engineering, and digital transformation businesses. "Rahul has been instrumental in shaping our strategy for sustained growth an
Innodata Launches Federal Business Unit to Support Accelerating AI Innovation Across U.S. Government6.11.2025 22:05:00 CET | Press release
New Unit Positions Company to Serve Defense, Intelligence, and Civilian Agencies with Proven AI Data Engineering, Generative AI, and Agentic AI Solutions NEW YORK, NY / ACCESS Newswire / November 6, 2025 / INNODATA INC. (Nasdaq:INOD) today announced the launch of Innodata Federal, a dedicated government-focused business unit designed to deliver mission-critical AI solutions to U.S. defense, intelligence, and civilian agencies. The new unit emerges as federal acquisition authorities are rapidly evolving to prioritize commercial innovation through Other Transaction Authorities (OTAs), Commercial Solutions Openings (CSOs), and streamlined procurement pathways that favor speed, flexibility, and proven commercial capabilities. The launch, announced alongside Innodata's earnings release and a press release announcing that General (Retired) Richard D. Clarke, a retired four-star Army general and former Commander of U.S. Special Operations Command, has joined the Innodata board, positions the
The Michelin Guide Expands Its Global Footprint with the Arrival in Aotearoa New Zealand5.11.2025 20:00:00 CET | Press release
AUCKLAND, NZ / ACCESS Newswire / November 5, 2025 / Michelin is pleased to announce the arrival of the MICHELIN Guide in Aotearoa New Zealand, marking its first-ever expansion into Oceania. The inaugural edition will cover four vibrant culinary destinations: Auckland, Wellington, Christchurch, and Queenstown. Set to be unveiled in the middle of 2026, the restaurant selection process is already under way, as MICHELIN Guide Inspectors are currently on the ground, dining anonymously to identify the very best restaurants that showcase the unique character of Auckland, Wellington, Christchurch, and Queenstown culinary scenes. Gwendal Poullennec, International Director of the MICHELIN Guide states: "We are thrilled to bring the MICHELIN Guide to Aotearoa New Zealand for the very first time. The country offers a rich and diverse culinary landscape, shaped by its indigenous Māori heritage, Pacific influences, and a new generation of chefs who champion local produce with creativity and passion.
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