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Monument Closes RTO and $10.0 M Private Placement to Acquire 100% of Selinsing Gold Project and Adjacent Damar Exploration Project.
Monument Closes RTO and $10.0 M Private Placement to Acquire 100% of Selinsing Gold Project and Adjacent Damar Exploration Project..
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n\n\nUNITED STATES./\n\n\nVANCOUVER, July 3 /CNW/ - Monument Mining Limited (TSX-V:MMY and FSE:D7Q1\nin Frankfurt upon re-commencement of trading) is pleased to announce it has\ncompleted its Reverse Take Over ("RTO") and closed a Private Placement raising\ngross proceeds of $10,041,500. Completing the private placement has allowed\nthe Company to close its acquisition of 100% of the Selinsing Gold Project\n("Selinsing") and 100% of the Damar exploration prospect ("Damar") located in\nPahang State, Malaysia. The Company has received all shareholder and\nregulatory approvals for the RTO.\n\n\nTo acquire 100% of Selinsing, Monument has paid to the vendor Wira Mas\nTrust of Malaysia $3,500,000 cash, issued 31,400,009 fully paid treasury\nshares and 5,000,000 share purchase warrants. Each warrant is exercisable for\na period of two years at $0.65 cents to acquire one fully paid share. The\nCompany will have a residual debt of $9,000,000 payable within one year\nwithout interest or penalty if paid within that period.\n\n\nThe Selinsing acquisition has an, indicated mineral resource of 3,630,000\ntonnes at 1.76 gpt, at a cutoff of 0.75 gpt for contained ounces of 205,000\nounces of gold. In addition, an inferred mineral resource of 7,690,000 tonnes\nat a grade of 1.34 gpt for contained ounces of 330,000 ounces of gold at a\nsimilar cutoff grade and is described in full in the NI 43-101 Report filed on\nSEDAR on 29 September 2006 by the Company.\n\n\nAlso located on the mining claims is certain established infrastructure\nsuch as core storage shed, geological preparation laboratory, metallurgical\nassay laboratory, workshops and parts store, administration facility and other\nfacilities that will assist in establishing a new processing plant and mine\ndevelopment program in due course.\n\n\nThe Company paid Avocet Mining PLC, an AIM listed gold producer based in\nLondon, UK ("Avocet"), $1,750,000, issued 15,000,000 fully paid treasury\nshares and 7,500,000 share purchase warrants to acquire Damar. Each warrant is\nexercisable for two years at $0.65 cents to acquire one fully paid share.\nMonument has committed to a $400,000 exploration program over two years from\nthe close. Any increase in the calculated resource of...