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Monarch Gold Corporation (TSX:MQR)(OTCQX:MRQRF) has filed its management information circular for a special meeting on December 30, 2020, concerning its proposed arrangement with Yamana Gold Inc.. Under the agreement, Yamana will acquire Monarch's Wasamac and Camflo properties for about C$200 million or C$0.63 per share. Shareholders will receive $0.192 in cash, 0.0376 Yamana shares, and 0.20 shares of a new entity, SpinCo. The arrangement offers a 43% premium for Monarch shareholders. The board recommends voting in favor of the transaction.
Monarch Gold Corporation (TSX:MQR) (OTCQX:MRQRF) announced its first-quarter results for the period ending September 30, 2020. Revenues were $0, a significant drop compared to $3.14 million in Q1 2019. The net loss increased to $2.53 million, translating to a loss of $0.009 per share, compared to a profit of $0.005 per share in the previous year. Monarch is pursuing a transaction with Yamana Gold to create Monarch Mining Corp., which will include valuable assets and a $14 million cash position. A drilling program is underway at Beaufor mine to enhance resources for future production.
Monarch Gold Corporation (MRQRF) announced results from its 2020 exploration drill program at the Beaufor Mine, reporting significant high-grade gold assays. The initial 21 holes drilled revealed samples such as 783 g/t Au over 0.2 metres and 293 g/t Au over 0.5 metres. The ongoing 42,500-metre drilling program aims to explore both near-mine targets and isolated resource blocks, with an ultimate goal to restart production within 12-18 months. The drill program is overseen by new Geology Superintendent Christian Tessier, enhancing the company's exploration efforts.
Monarch Gold Corporation (TSX: MQR, OTCQX: MRQRF) reported its financial results for the fourth quarter ending June 30, 2020. Revenues were $0, compared to $7.35 million in Q4 2019. Despite not generating revenue, the company recorded a net income of $8.47 million, substantially higher than $0.93 million in the same quarter last year. With $11.27 million in cash and over $35 million in total cash equivalents, Monarch is positioned for growth, particularly focusing on its Wasamac project, which is undergoing pre-production permitting and potential partnerships for value enhancement.
Monarch Gold Corporation (OTCQX: MRQRF) announced successful results from a helicopter airborne magnetic survey at the Camflo property. The survey identified fold structures akin to those hosting significant mineralization. Preliminary data showed a syenite intrusion found 800 metres southeast of the Camflo orebody. Monarch has awarded InnovExplo a contract for a comprehensive drill hole database and a 3D model of the property. Historically, the Camflo mine produced 1.65 million ounces of gold between 1965 and 1992, demonstrating the area's potential.
Monarch Gold Corporation (TSX:MQR)(OTCQX:MRQRF) has announced an internal review of the Wasamac project in Quebec, aiming to incorporate significant silver mineralization identified during past drilling. Notably, silver values reached 7.01 g/t over 75.9 meters and 10.72 g/t over 10.2 meters. The economic analysis previously excluded silver credits. With silver prices increasing by 44% in the past year, the Corporation believes a thorough review could enhance the project's value. Results from the review will be published upon completion.
