Bullion Monarch (BMRK-O) has acquired an 80% controlling interst in Toronto-based Knomex Resources (KNO-A) by purchasing 20 million units at 20 cents per unit.
A unit consists of one share and one warrant to buy another share at the same price within two years. In an earlier agreement, Bullion Monarch acquired 9 million shares of Knomex.
To complete the transaction, Bullion Monarch signed a letter-of-intent for a private placement with St. Columban, a private company based in Toronto, for US$2.5 million. In exchange for the funds, Bullion Monarch will issue 5 million units (consisting of one share and one warrant). The transaction gives St. Columban a controlling interest in Bullion Monarch.
At a special meeting in May, Bullion’s shareholders approved the funding arrangement with St. Columban and the acquisition of Knomex. The transactions now require regulatory approval.
Bullion Monarch controls several exploration properties along the Carlin and Battle Mountain trends. It is involved in two joint ventures — one with Gold Valley Resources, a private company, over a 440-Acre property north of the Pipeline deposit, and another with South Bullion property in the southern Carlin trend.
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