Situated in Louvicourt Twp., about three miles from the former Louvem copper-zinc mine, the 900-acre property hosts 801,900 tons of grade 0.178 oz gold per ton in probable reserves.
Providing that Louvem and Monique gain shareholder approval for two private placements, Monique’s stake in the property will increase to 30% from 15%. Louvem’s interest in Monique will also increase to 76%. The first private placement by Louvem consists of $150,000 in Monique Exploration shares which are priced at 20 cents each. Under the terms of a second private placement worth $1 million, Monique will realize a 15% stake in the Louvicourt Twp. property in exchange for shares at 30 cents each.
The second placement, is contingent on the first being upheld.
Independent shareholders of Monique are scheduled to meet next month to consider the private placements which are designed to make it easier for the company to raise exploration money.
If the arrangement is approved, Louvem’s stake in the Monique property will drop to about 51% from 66%. Soquem, the Quebec government’s mining exploration arm, will continue to hold a 19% interest in the property.
]]>
Be the first to comment on "Monique ups stake in Louvicourt bet"