Quebec City, Quebec, Canada, July 11th , 2016 – MONARQUES GOLD CORP.(“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to announce that Evanachan Limited (“Evanachan”), a corporation controlled by Mr. Robert McEwen and Oxbridge Group Inc. (“Oxbridge”), a corporation controlled by Mr. Greg Chamandy have both increased their investments in Monarques in a transaction carried out privately. The transaction increases their holdings in Monarques by 2.68%, and each now own 13.68% of the outstanding shares.
Jean-Marc Lacoste, President and CEO of Monarques, stated: W̋e are pleased to have these strategic investors in our shareholder base. Monarques will progress steadily with the support of long term shareholders like Mr. Chamandy and McEwen owning together more than 27% of our common shares.”
Evanachan Limited is an entity owned by Mr. Robert McEwen. Mr. McEwen is the Chairman and Chief Owner of McEwen Mining Inc. and is the founder and former Chairman and CEO of Goldcorp Inc.
Oxbridge Group Inc. is an entity controlled by Mr. Greg Chamandy. Mr. Chamandy was the Executive Chairman of Richmont Mines Inc. from December 2009 to December 31st 2015. He continued to serve as a director of Richmont until his retirement from the company on April 27th 2016, and he remains the company’s largest shareholder. Previously Mr. Chamandy was the Chairman and co-owner of Europe’s Best Inc., and he was the Co-founder and Chairman and CEO of Gildan Activewear Inc.
Monarques is a gold exploration company currently focusing its efforts on the development of gold projects along the Cadillac Break, in the Val-d’Or area of Quebec. Monarques currently has nearly 200 km2 of property holdings in the Val- d’Or area, including two mining concessions and one mining lease with over $9 million in credits from the Ministère de l’Énergie et des Ressources naturelles.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques’ actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.