https://www.miningweekly.com

Monarch reaches debt settlement agreements

16th November 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Struggling miner Monarch Gold on Wednesday announced that it had reached agreements with certain of its creditors for more than C$9.3-million, as president and CEO Jean-Marc Lacoste said that the company was going through “a difficult period”.

Monarch, which in September placed its Beaufor mine on care and maintenance, will issue 36 383 805 shares at C$0.0075 each and defer the payment of certain amounts to 2023, 2024 and 2025. This will allow the company to reduce its accounts payable and allow time for a strategic review of its business.

In addition, Monarch said it had returned the C$6-million that it held in trust to Investissement Quebec, reducing the amount owing to C$12.4-million.

The company also reduced certain accounts payable by returning merchandise that it had in inventory to their suppliers.

Monarch said last week that it would need additional financing before the end of the year to improve working capital, meet debt repayment obligations and reach payment agreements with suppliers.

The firm reported a net loss of C$22.3-million in the September quarter.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
ECG Engineering
ECG Engineering

ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.915s - 110pq - 2rq
Subscribe Now