TORONTO - Monarch Mining Corporation, a prominent gold mining entity, is navigating through financial challenges after creditor Investissement Québec (IQ) initiated a Companies' Creditors Arrangement Act (CCAA) process. This move has placed Monarch under protection and triggered the resignation of several directors.
The Toronto-based company, known for its extensive gold production history, has witnessed the instant departure of directors Laurie Gaborit, Guylaine Daigle, Michel Bouchard, and Benoit Desormeaux. Despite these resignations, Jean-Marc Lacoste remains on the board. He is now working closely with IQ and PricewaterhouseCoopers Inc., the court-appointed monitor, to execute a court-approved scheme that aims to attract investment and sale proposals for the corporation's assets.
Monarch's portfolio includes the Beaufor Mine, which has been placed under care and maintenance after producing over 1 million ounces of gold over three decades. Additionally, the company holds strategic properties such as McKenzie Break and Swanson, both in proximity to Monarch's Beacon Mill which boasts a 750 ton per day capacity.
The Toronto Stock Exchange will review Monarch's listing qualifications in light of the ongoing CCAA process. The company's future remains uncertain as it faces numerous challenges including the potential interest in its assets, debt restructuring prospects, and general business risks. Jean-Marc Lacoste, President and Chief Executive Officer of Monarch, is expected to offer further details on the situation.
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