Business
Monument Announces Proposed Transaction to Acquire Joint Venture Properties and Concurrent Private Placement
VANCOUVER , Sept. 4, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (...
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Sept. 4, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (\"Monument\" or the \"Company\") is pleased to announce that it has entered into a heads of agreement (the \"Heads of Agreement\") with Gascoyne Resources Limited (\"GCY\"), a company whose ordinary shares are listed on the Australian Stock Exchange (\"ASX\"), for the acquisition of 50% interests in three properties located near Burnakurra, the Murchison region of Western Australia by way of joint venture arrangements (collectively \"Gascoyne JV Properties Acquisition\"); and concurrently it has arranged a \"part and parcel\" private placement financing integral to the Gascoyne JV Properties Acquisition to fund exploration and development of the acquired properties. The Gascoyne JV Properties Acquisition and the private placement are inter-dependent and shall be closed concurrently (collectively the \"Proposed Transaction\"). \n\nGascoyne JV Properties Acquisition\n\nPursuant to the Heads of Agreement, the Company has agreed to acquire, free and clear of any encumbrances except for certain royalty interests, a 50% interest in the Dalgaranga, Glenburgh and Mt. Egerton properties (\"Joint Venture Properties\") from GCY, subject to certain conditions, through three separate joint venture agreements on each of the three properties (see Appendix A: Murchison Gold Field with Surrounding Tenements). The terms for the three separate joint venture agreements to be entered into on completion of the Gascoyne JV Properties Acquisition will allow the Company to be the manager in respect of mine development and mining operations on the Joint Venture Properties and GCY to be the manager in respect of exploration of the Joint Venture Properties. \n\nThe consideration for the 50% interests in the Dalgaranga, Glenburgh and Mt. Egerton properties is the issue of 100,000,000 Monument fully paid common shares at a deemed issue price of C$0.25 per share.  The Gascoyne JV Properties Acquisition is subject to, among other things, execution of formal documentation, satisfactory completion by each party of due diligence, obtaining various consents and waivers from GCY's current joint venture partners, the exercise of the option to acquire the Mt. Egerton properties, obtaining all regulatory approvals, including receipt of TSX Venture Exchange (\"TSXV\") ac...