VANCOUVER, June 6 /CNW/ - Moncoa Corporation (TSX-V: MON) (the "Company")
is pleased to announce that Able Return Sdn Bhd ("Able") and the Company have
agreed to extend the Company's option to acquire a 51% controlling JV interest
in the Selinsing Gold Mine Project in Pahang State Malaysia to 31st July 2006.
The Company will pay Able an extension fee of $20,000 for the right to
extend the option while it completes preparation of formal agreements, second
round capital raising, a NI-43-101 report and sets a date for the calling of a
Special Meeting to obtain shareholder approval. In order to achieve this, the
Company has engaged Snowden International Mining Industry Consultants Pty Ltd
of Perth, Western Australia to complete the NI-43-101 report and appointed
DuMoulin Black LLP to complete the Information Circular and all documentation
for the transaction to proceed.
At the same Special Meeting shareholder approval will also be sought to
consolidate the share capital of the Company on the basis of two existing
shares being consolidated for one new share 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 up to a further $5,000,000 by way of a private placement in addition
to seeking a US$10,000,000 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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