Richmont Mines Inc. announces sale to Monarques Gold
October 2, 2017
On October 2, 2017, Richmont Mines Inc. (“Richmont”) completed the sale of its Quebec assets, including the Beaufor Mine, the Camflo Mill and the Wasamac development project as well as all other mineral claims, mining leases and mining concessions located in the province of Quebec, to Monarques Gold Corporation (“Monarques”).
In connection with the transaction, Richmont subscribed for approximately $2 million of subscription receipts of Monarques at a price of $0.35 per subscription receipt. On closing, the subscription receipts converted into common shares of Monarques and Monarques issued additional common shares to Richmont, representing in total approximately 19.9% of the undiluted issued and outstanding common shares of Monarques.
Fasken Martineau advised Richmont with a team that included Brad Freelan, Frank Mariage, Jessica Catton Rinaldi, Janie Harbec, David Steinhauer, Guillaume Saliah and Mariko Rivers (M&A), Mathieu Renaud (Real Estate), Pierre-Olivier Charlebois (Environmental) and Ronald Nobrega (Tax).