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Selinsing Gold Project Acquisition - Update Report
Selinsing Gold Project Acquisition - Update Report.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Sept. 12 /CNW/ - Moncoa Corporation (TSX-V: MON) is pleased to\nprovide an update of its proposed reverse takeover (\"RTO\") of the Selinsing\nGold Project located in Pahang State, Malaysia.\nPursuant to an Agreement dated June 30, 2006, as amended, Moncoa, through\nits wholly-owned Malaysian subsidiary, Polar Potential Sdn. Bhd. (\"Polar\"),\nproposes to purchase a 51% interest in Mining Concession 1/113 Sub-Lease and a\n100% interest in Mining Concession 1/124 Sub-Lease, excluding a 49% interest\nin the tailings and mined ore situated on MC 1/124. The consideration for the\npurchase is $2,250,000 and the issuance of a sufficient number of Moncoa\nshares so that the vendors will have approximately 50% of the outstanding\nshares of Moncoa on closing.\nThe transaction, which is to close not later than October 31, 2006, is\nsubject to approval by Moncoa shareholders, acceptance by the TSX Venture\nExchange (the \"Exchange\"), and Moncoa raising on before the closing a minimum\nof $3,150,000 and a maximum of $5,500,000.\nIn the event Moncoa succeeds in raising only $3,150,000, the vendor, Able\nReturn Sdn. Bhd. (\"Able\"), has agreed to defer the payment of $1,000,000 until\na date, which is not later than three months after commercial production is\nachieved in respect to the Selinsing Gold Project. If Moncoa fails to raise\n$5,500,000, Moncoa shall have nine months following the closing of the RTO to\nraise the shortfall. For every share issued in respect to this subsequent\nfinancing, Moncoa will issue one additional share to Able, provided that, in\nany event, Able shall receive in the aggregate an additional 5,000,000 shares\nof Moncoa at the end of the nine-month period.\nAble is the Trustee of the Wira Mas Unit Trust established under the laws\nof Malaysia, which, in turn, is the owner of all of the shares of Selinsing\nMining Sdn. Bhd. (\"Selinsing\"). Able, Selinsing and Polar entered into a Joint\nVenture Agreement for the development of the Selinsing Gold Project, pursuant\nto which Polar will have a 51% interest and Able a 49% interest, subject to\nMoncoa being responsible for raising the estimated production financing of\nUS$12,000,000.\nAttached to and forming part of this news release is a Memorandum\nprepared by Snowden Mining Industry Consultants Pty Ltd (\"Snowden\") dated\nAugust 22, 2006. Sn...