The Mosaic Company press release
Moncoa Completes NI-43-101 & Contractual Documents on Malaysian Project
NYSE - New York Stock Exchange · United States
VANCOUVER, July 27 /CNW/ - Moncoa Corporation (TSX-V: MON) (the "Company") is pleased to announce completion of its NI-43-101 Technical Report, followed by the execution of a formal agreement of its option to acquire an interest in the Selinsing Gold Mining Project in Malaysia. On 30 June 2006 the company renegotiated its arrangements with Able Return Sdn Bhd ("Able") whereby the Company entered into an option agreement to acquire a 51% interest in the Malaysian gold property and a 100% interest in the adjoining property excluding the tailings and mined ore situated on the adjoining property. The parties agreed to proceed, subject to the Company raising a minimum of $1,400,000 and up to a maximum of $5,500,000 gross proceeds, obtaining shareholder and regulatory approvals and closing the transaction by no later than the 30th September 2006. The parties have entered into a formal Purchase and Sale Agreement and a Joint Venture Agreement, both effective as at 30th June 2006, subject to the above requirements. The Company has lodged a draft Information Circular with the TSX Venture Exchange and intends to call a Special Meeting of shareholders upon receiving the necessary authorization at which time both the NI-43-101 Report and the Information Circular will be filed on SEDAR. At the same Special Meeting shareholder approval will also be sought to consolidate the share capital of the Company on the basis of one new share for each two old shares, to change the Company's name and to the disposition of its interest in its two subsidiaries Moncoa Medical Research Inc. and ClinMed Research Centers Inc. On a post consolidation basis the Company also intends to raise not less than $1,400,000 and up to $5,500,000 by way of a private placement in addition to seeking a US$12,000,000 project loan facility, the proceeds of which would be used to complete the Selinsing Project acquisition, to commence an exploration program and to erect and commission a 400,000 tonnes per annum gold processing plant, designed to produce 40,000 ounces of gold per annum from the Selinsing Gold Mine.
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