VANCOUVER, July 27 /CNW/ - Moncoa Corporation (TSX-V: MON) (the
"Company") is pleased to announce completion of its NI-43-101 Technical
Report, followed by the execution of a formal agreement of its option to
acquire an interest in the Selinsing Gold Mining Project in Malaysia.
On 30 June 2006 the company renegotiated its arrangements with Able
Return Sdn Bhd ("Able") whereby the Company entered into an option agreement
to acquire a 51% interest in the Malaysian gold property and a 100% interest
in the adjoining property excluding the tailings and mined ore situated on the
adjoining property. The parties agreed to proceed, subject to the Company
raising a minimum of $1,400,000 and up to a maximum of $5,500,000 gross
proceeds, obtaining shareholder and regulatory approvals and closing the
transaction by no later than the 30th September 2006.
The parties have entered into a formal Purchase and Sale Agreement and a
Joint Venture Agreement, both effective as at 30th June 2006, subject to the
above requirements. The Company has lodged a draft Information Circular with
the TSX Venture Exchange and intends to call a Special Meeting of shareholders
upon receiving the necessary authorization at which time both the NI-43-101
Report and the Information Circular will be filed on SEDAR.
At the same Special Meeting shareholder approval will also be sought to
consolidate the share capital of the Company on the basis of one new share for
each two old shares, to change the Company's name and to the disposition of
its interest in its two subsidiaries Moncoa Medical Research Inc. and ClinMed
Research Centers Inc. On a post consolidation basis the Company also intends
to raise not less than $1,400,000 and up to $5,500,000 by way of a private
placement in addition to seeking a US$12,000,000 project loan facility, the
proceeds of which would be used to complete the Selinsing Project acquisition,
to commence an exploration program and to erect and commission a 400,000
tonnes per annum gold processing plant, designed to produce 40,000 ounces of
gold per annum from the Selinsing Gold Mine.
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The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved
the contents of this news release.
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