Evanachan Limited

The Oxbridge Group Inc.

July 07, 2016 17:40 ET

Evanachan Limited and Oxbridge Group Inc. Each Files Early Warning Report in Connection With the Increase of Their Participation in Monarques Gold Corporation.

TORONTO, CANADA--(Marketwired - July 7, 2016) - Evanachan Limited ("Evanachan") and The Oxbridge Group Inc. ("Oxbridge") have each bought for 1,666,667 common shares (the "Shares") of Monarques Gold Corporation ("Monarques") at a price of $0.30 per Share and 1,666,667 share purchase warrants (the "Warrants") for an aggregate gross proceeds to each of $500,000. Each Warrant entitles the holder thereof to purchase one additional common share in the capital of the Corporation at a price of $0.51 until July 8, 2019.

Prior to this acquisition, each of Evanachan and Oxbridge held an aggregate of 8,571,430 common shares of the Corporation and 4,285,715 common share purchase warrants. The 1,666,667 Shares bought by each of Oxbridge and Evanachan represent 1.41% of the currently issued and outstanding common shares of Monarques. After giving effect to the exercise of the 1,666,667 Warrants held by Evanachan (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Monarques), the common shares and the common share purchase warrants bought by Evanachan represent, in the aggregate approximately 2.82% of the currently-issued and outstanding common shares of Monarques. After giving effect to the exercise of the 1,666,667 Warrants held by Oxbridge (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Monarques), the common shares and the common share purchase warrants bought by Oxbridge represent, in the aggregate approximately 2.82% of the currently-issued and outstanding common shares of Monarques.

Following this acquisition, each of Oxbridge and Evanachan will hold an aggregate of 10,238,097 common shares of the Corporation and 5,952,382 common share purchase warrants. After giving effect to the exercise of the 5,952,382 common share purchase warrants held by Evanachan (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Monarques), the common shares and the common share purchase warrants held by Evanachan represent, in the aggregate, 13.68% of the currently-issued and outstanding common shares of Monarques. After giving effect to the exercise of the 5,952,382 common share purchase warrants held by Oxbridge (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Monarques), the common shares and the common share purchase warrants held by Evanachan represent, in the aggregate, 13.68% of the currently-issued and outstanding common shares of Monarques.

Evanachan, a corporation wholly owned by Robert R. McEwen, has acquired the common shares and the common shares purchase warrants of Monarques for investment purposes, and in accordance with applicable securities laws, Evanachan may, from time to time and at any time, acquire additional common shares of Monarques and/or its subsidiaries and/or other equity, debt or other securities or instruments (collectively, "Securities") of Monarques and/or its subsidiaries in the open market or otherwise and reserves the right to dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Monarques and/or its subsidiaries and other relevant factors.

Oxbridge, a corporation wholly owned by Greg Chamandy, has acquired the common shares and the common shares purchase warrants of Monarques for investment purposes, and in accordance with applicable securities laws, Oxbridge may, from time to time and at any time, acquire additional Securities of Monarques and/or its subsidiaries in the open market or otherwise and reserves the right to dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Monarques and/or its subsidiaries and other relevant factors.

A copy of the early warning report filed in connection with the offering will be made available on SEDAR (www.sedar.com).

Contact Information

  • FOR FURTHER INFORMATION ABOUT EVANACHAN PLEASE CONTACT:
    Stefan Spears
    Evanachan Limited
    150 King St. West Suite 2800
    Toronto, Ontario
    (647) 258-0395 x280

    FOR FURTHER INFORMATION ABOUT OXBRIDGE PLEASE CONTACT:
    Richard Provencher, Stein Monast L.L.P.
    70 Dalhousie Street, suite 300
    Québec, Québec, G1K 4B2
    (418) 640-4427
    richard.provencher@steinmonast.ca