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Richmont Mines Reports Acquisition of Common Shares of Monarques Gold Corporation
Richmont Mines Reports Acquisition of Common Shares of Monarques Gold Corporation ...
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[{"type":"text","content":"\n\n\n\nRichmont Mines Reports Acquisition of Common Shares of Monarques Gold Corporation\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, Oct. 2, 2017\n\n\n\nTORONTO, Oct. 2, 2017 /CNW Telbec/ - Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) (\"Richmont\" or the \"Corporation\") announces that it has acquired 40,348,203 common shares (\"Common Shares\") of Monarques Gold Corporation (\"Monarques\"), representing approximately 19.9% of the outstanding Common Shares. Prior to such acquisition, the Corporation did not own any Common Shares of Monarques.\n\nOn October 2, 2017, Richmont acquired 34,633,203 Common Shares of Monarques as consideration for the sale of certain assets of Richmont to Monarques (the \"Transaction\"). In addition, in connection with the Transaction, Richmont acquired 5,715,000 Common Shares of Monarques through the conversion of 5,715,000 subscription receipts of Monarques that Richmont had previously subscribed for at a price of $0.35 per subscription receipt. \n\nRichmont holds its interest in the Common Shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of Monarques. Depending on its evaluation of these and other factors, Richmont may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Common Shares or other securities of Monarques through market transactions, private agreements, subscriptions from treasury or otherwise. Richmont has agreed with Monarques that it will not sell the 5,715,000 shares acquired through subscription receipts for a period of one year, subject to certain exceptions.\n\nThe registered office of Richmont is located at 161 avenue Principale, Rouyn-Noranda, Québec, J9X 4P6.\n\nAbout Richmont Mines Inc.Richmont Mines currently produces gold from the Island Gold Mine in Ontario, where it is also advancing development of the significant high-grade resource extension at depth. With more than 35 years of experience in gold production, exploration and ...