Economy May 10, 2019 | 11:38 am

Monarch investment in Unigold’s local project lights up stock: report

Unigold site

Santo Domingo.- The industry outlet Mining .com is reporting that Quebec-focused Monarch Gold is taking a 14.2% stake in Unigold, whose Neita project in Dajabon province, Dominican Republic has an open-pit inferred resource of 39.49 million tons grading 1.59 grams gold per ton for 2.01 million ounces of gold. “Unigold’s stock soared over 45% on the news.”

It said Monarch has acquired from an investor a block of 6.5 million Unigold shares at a price of US$0.115 per share for a total of US$747,500, payable by the issuance of 3.25 million common shares of Monarch at a price of US$0.23 per share. Monarch’s shares will be held in escrow for a 24-month period.

“The Neita project, situated on a 22,616 hectare concession, is 200 linear km northwest of the capital city of Santo Domingo, and the Dominican Republic’s second-largest city, Santiago de los Caballeros, is 100 km northeast of the project. The project is situated on a 22,616 hectare concession.

The industry outlet reports that over the last five years, Unigold has spent more than US$20 million on exploration at Neita, including more than 50,000 meters of drilling.

Monarch CEO, Jean-Marc Lacoste, called the investment as “an incredible opportunity” that management “could not pass up.”