Monarch Mining Corporation ("New Monarch") announced the successful completion of a plan of arrangement under s. 192 of the Canada Business Corporations Act (the “Arrangement”) pursuant to which Monarques Gold Corporation ("Monarques") completed a spin-out to its shareholders, through the issuance of shares in the newly formed New Monarch entity, of the Beaufor, Croinor Gold, McKenzie Break and Swanson mineral properties and other assets and liabilities, and Yamana Gold Inc. (“Yamana”) subsequently acquired all of the issued and outstanding shares of Monarques not already owned by Yamana, through which Yamana acquired the Wasamac property and the Camflo property and mill, in consideration for the issuance of shares and the payment of cash by Yamana to the shareholders of Monarques. As a result, Monarques became a wholly-owned subsidiary of Yamana, and its shares were delisted from the Toronto Stock Exchange. The common shares of New Monarch are listed and trading on the Toronto Stock Exchange. The total value of the consideration paid pursuant to the Arrangement was approximately $200 million.
Stein Monast L.L.P. advised Monarques Gold Corporation with a team including
Mes Richard Provencher,
Cassels Brock & Blackwell LLP advised Yamana Gold Inc. with a team including
Thea Gaertner (securities and mining),
Tera Li Parizeau (tax).
Lavery de Billy, L.L.P. acted as Yamana Gold Inc.’s Quebec counsel with a team including
Eli El Haskouri,
Frédéric Couillard Boivin,
See the press release here.