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Richmont Mines Enters into Definitive Agreement with Monarques Gold for Non-Core Québec Assets
Richmont Mines Enters into Definitive Agreement with Monarques Gold for Non-Core Québ...
About this update from Richards Group Inc.
[{"type":"text","content":"\n\n\n\nRichmont Mines Enters into Definitive Agreement with Monarques Gold for Non-Core Québec Assets\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 11, 2017\n\n\n\nTORONTO, Sept. 11, 2017 /CNW/ - Richmont Mines Inc. (TSX - NYSE: RIC) (\"Richmont\" or the \"Corporation\") announces that it has entered into a definitive agreement with Monarques Gold Corporation (TSXV: MQR) (\"Monarques\"), pursuant to which Monarques will acquire Richmont's Quebec based assets (the \"Quebec Assets\") including the Beaufor Mine, the Camflo Mill and the Wasamac development project as well as all other mineral claims, mining leases and mining concessions located in the province of Quebec (the \"Transaction\").\n\n\"We are very pleased to announce this transaction with Monarques as it provides our Beaufor and Camflo teams with the optimal outcome. These assets will form an integral part of a Quebec-based company that is dedicated to maintaining ongoing operations and unlocking their longer-term potential.  We would like to thank our team for their dedicated efforts over the past number of years and we wish them all the best and we look forward to sharing in their future successes,\" stated Renaud Adams, President and CEO. He continued, \"Richmont shareholders will also benefit from this transaction as our equity position and retained royalties provide exposure to the potential upside from a portfolio of assets located in the highly prospective Abitibi region.\"\n\nTransaction HighlightsConcurrently with signing the definitive agreement for the Transaction, Richmont subscribed for approximately C$2 million of subscription receipts from Monarques at a price of $0.35 per subscription receipt. Each subscription receipt will be automatically exchanged for one common share (each, a \"Subscription Share\") of Monarques upon the closing of the Transaction.\n\nIn addition, upon closing of the Transaction, Monarques will issue additional common shares to Richmont such that Richmont will hold approximately 19.9% of the undiluted issued and outstanding c...