VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 3, 2018) - Monument Mining Limited (TSX VENTURE:MMY) (FRANKFURT:D7Q1) ("Monument" or the "Company") is pleased to announce that it has effected a US$7 million Gold Forward Sale Transaction by receipt of a US$5 million prepayment, with a further US$2 million to be received by March 31, 2018. The funds will be primarily used to fund the development of the Company's gold projects and for general working capital. This transaction is non-dilutive to shareholders.
Pursuant to the Sale of Gold Agreement, the Company's Australian subsidiary, Monument Murchison Pty Ltd (the "Seller"), shall deliver a total 8,676 ounces of gold to Concept Capital Management ("CCM", or the "Purchaser") over a 36 month period commencing on December 29, 2018. In addition, on the same pro-rata delivery terms, CCM has the option to purchase additional ounces of gold at 620 ounces per unit for US$500,000 up to 2,480 ounces for a total US$2 million to be prepaid to the Seller by March 31, 2018. CCM is a long term shareholder of the Company, who in combination with other long term shareholders provided a $13 Million financing at the early stage of Selinsing Gold Mine development to complete Selinsing Gold Processing Plant construction. The gold forward sale is guaranteed by the Company and its Malaysian subsidiary, Able Return Sdn Bhd, and is secured by certain of the Company's assets. The Company has paid 5% of financing fee to Axino Capital AG on the gold forward sale transactions upon receipt of the prepayment.
In conjunction with the above transaction, the Company continues to seek additional funding in order to place its Burnakura Project into production in Western Australia. Upon success, this would potentially allow the Company to generate a second source of cash flow from the Australian operations. The Company is also in progress with the Selinsing Sulphide Gold Project, aiming to place it into production.
About Monument
Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 190 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
