Monarch Mining closes transactions with Probe Gold, Bullrun

MONARCH MINING CORPORATION (GBARF) announces the closing of its previously-announced transactions with Probe Gold (PROBF) for the sale of the Beaufor Property and the McKenzie Break Property to Probe, and with Bullrun Capital for the sale of the Swanson Property to Bullrun. Probe acquired a 100% interest in the McKenzie Break and Beaufor properties, for aggregate consideration of $8.5 million, paid to Monarch as follows: Probe issued 3,580,902 common shares for a total value of $5.4 million based on the 10-day volume weighted average price of Probe’s common shares on the Toronto Stock Exchange for the period ending on April 1, 2024, with the Consideration Shares being issued at a deemed price of $1.508 per Consideration Share; and a cash payment of $3.1 million. The Consideration Shares have a hold period of four months and one day from closing date of the acquisition. Bullrun acquired a 100% interest in the Swanson property, for an aggregate cash consideration of $350,000. The transactions are the culmination of the Corporation’s previously announced court-approved sale and investment solicitation process carried out by PricewaterhouseCoopers Inc. in its capacity as Monitor in the Corporation’s ongoing proceedings pursuant to the Companies’ Creditors Arrangement Act.