Business
Moncoa Extends Option to Acquire Control of Selinsing Gold Mine
Moncoa Extends Option to Acquire Control of Selinsing Gold Mine.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, June 6 /CNW/ - Moncoa Corporation (TSX-V: MON) (the \"Company\")\nis pleased to announce that Able Return Sdn Bhd (\"Able\") and the Company have\nagreed to extend the Company's option to acquire a 51% controlling JV interest\nin the Selinsing Gold Mine Project in Pahang State Malaysia to 31st July 2006.\nThe Company will pay Able an extension fee of $20,000 for the right to\nextend the option while it completes preparation of formal agreements, second\nround capital raising, a NI-43-101 report and sets a date for the calling of a\nSpecial Meeting to obtain shareholder approval. In order to achieve this, the\nCompany has engaged Snowden International Mining Industry Consultants Pty Ltd\nof Perth, Western Australia to complete the NI-43-101 report and appointed\nDuMoulin Black LLP to complete the Information Circular and all documentation\nfor the transaction to proceed.\nAt the same Special Meeting shareholder approval will also be sought to\nconsolidate the share capital of the Company on the basis of two existing\nshares being consolidated for one new share and to the disposition of its\ninterest in its two subsidiaries Moncoa Medical Research Inc and ClinMed\nResearch Centers Inc. On a post consolidation basis the Company also intends\nto raise up to a further $5,000,000 by way of a private placement in addition\nto seeking a US$10,000,000 project loan facility, the proceeds of which would\nbe used to complete the Selinsing Project acquisition, to commence an\nexploration program and to erect and commission a 400,000 tonnes per annum\ngold processing plant, designed to produce 40,000 ounces of gold per annum\nfrom the Selinsing Gold Mine.\n\n>\n%SEDAR: 00008911E\n\n\n","length":1949,"tagName":"div"}]