Monarch is Placed Under the Protection of the CCAA to Ensure a Responsible, Controlled, and Orderly Restructuring of Its Affairs
16 Novembre 2023 - 1:36AM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQB:
GBARF) announces that Investissement Québec
(“
IQ”), one of its creditors, has filed an
application with the Superior Court of Quebec
(“
Court”) under the Companies' Creditors
Arrangement Act (“
CCAA”) to place the Corporation
under the protection of the CCAA. The Court has issued an initial
order today under the CCAA in relation to the Corporation.
PricewaterhouseCoopers Inc. has been appointed as the monitor
(“
Monitor”) to oversee the activities of the
Corporation during the CCAA process.
Due to the CCAA process, it is anticipated that
the Toronto Stock Exchange (the “Exchange”) will
conduct a review to determine if the Corporation meets the
Exchange's listing requirements.
Mmes. Laurie Gaborit, Guylaine Daigle, and
Messrs. Michel Bouchard and Benoit Desormeaux have resigned from
their positions as directors with immediate effect as of today. Mr.
Jean-Marc Lacoste will continue to serve as a director and
collaborate with IQ and the Monitor in the implementation of the
Court approved process to solicit investment and sale proposals in
respect of the Corporation.
The Corporation will provide up-to-date
information on these matters as new information becomes
available.
About
MonarchMonarch Mining Corporation (TSX: GBAR)
(OTCQB: GBARF) 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.
FOR MORE INFORMATION:
Jean-Marc Lacoste |
1-888-994-4465 |
President and Chief Executive
Officer |
info@monarchmining.com |
www.monarchmining.com
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