Monarch is Placed Under the Protection of the CCAA to Ensure a Responsible, Controlled, and Orderly Restructuring of Its Affairs

MONTREAL, Nov. 15, 2023 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQB: GBARF) announces that Investissement Québec (“IQ”), one of its creditors, has filed an application with the Superior Court of Quebec (“Court”) under the Companies' Creditors Arrangement Act (“CCAA”) to place the Corporation under the protection of the CCAA. The Court has issued an initial order today under the CCAA in relation to the Corporation. PricewaterhouseCoopers Inc. has been appointed as the monitor (“Monitor”) to oversee the activities of the Corporation during the CCAA process.

Due to the CCAA process, it is anticipated that the Toronto Stock Exchange (the “Exchange”) will conduct a review to determine if the Corporation meets the Exchange's listing requirements.

Mmes. Laurie Gaborit, Guylaine Daigle, and Messrs. Michel Bouchard and Benoit Desormeaux have resigned from their positions as directors with immediate effect as of today. Mr. Jean-Marc Lacoste will continue to serve as a director and collaborate with IQ and the Monitor in the implementation of the Court approved process to solicit investment and sale proposals in respect of the Corporation.

The Corporation will provide up-to-date information on these matters as new information becomes available.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQB: GBARF) is a gold mining company that owns three projects, including the Beaufor Mine, which is currently on care and maintenance and has produced more than 1 million ounces of gold over the last 30 years. Other assets include the McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 14,316 hectares (143 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.

Forward-looking statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the timeline of the initiatives described in this press release, those relating to the Corporation’s commitments and initiatives outlined in the press release, the intended results of the initiatives described in this press release, the positive impact of the foregoing on project economics, and generally those statements which are discussed under the “About Monarch” paragraph and elsewhere in the press release which essentially describe the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.