Monarch Gold (TSX: MQR) completed the sale of its Regcourt property and its interest in the Louvem property to O3 Mining (TSX.V: OIII). Both properties are located in Quebec, in Canada’s central region.
The transaction related to Regcourt required O3 to issue 113,637 common shares of its share capital to Monarch.
At the same time, O3 Mining issued 4,546 common shares and will pay a 1% NSR royalty for Monarch’s 50% undivided interest in Louvem. O3 Mining will pay an additional $10,000 in cash for the remaining 50% undivided interest, upon transfer of such interest further to the satisfaction of an attached condition.
Regcourt is located at the eastern end of the Val-d’Or gold mining camp, some 30 kilometres east of the city of Val-d’Or. It consists of 94 claims covering an area of 38 square kilometres near the centre of the western border of Vauquelin Township.
Louvem, on the other hand, covers an area of 2.5 square kilometres and is located 12 kilometres east of Val-d’Or, in the southern part of the Bourlamaque Batholith which hosts the Beaufor, Ferderber, Dumont and Lac Herbin gold deposits.
“We are very pleased to have entered into this second property agreement with O3 Mining,” Jean-Marc Lacoste, Monarch’s president and CEO, said in a media statement. “Like the previous transaction, this is in line with our strategy to derive value from our non-core exploration assets, either through their sale or partnerships with well-established companies, and will allow us to focus on our six advanced gold projects, including our Wasamac flagship project.”