Exchange Bulletin

Monarch Mining Corporation (GBAR) To Trade On Toronto Stock Exchange

January 22, 2021
Issuer: Monarch Mining Corporation ("SpinCo")
Security: Common shares (the "SpinCo Shares")
Symbol(s): GBAR
Number of securities issued and outstanding: 66,195,889
Number of securities reserved for issuance: 10,885,882
Listing category: Mining, Non-Exempt Issuer
Trading currency: CDN $
Transaction: Spinoff by way of a plan of arrangement (the "Plan of Arrangement") pursuant to which Yamana Gold Inc. ("Yamana") acquired all of the issued and outstanding common shares of Monarch Gold Corporation ("Monarch") (the "Monarch Shares") (Symbol: MQR) following the transfer by Monarch of certain assets and liabilities of Monarch to SpinCo.
Listing and posted for trading date: January 26, 2021 (at the opening), not subject to the occurrence of a closing
Consideration and exchange ratio: Shareholders of Monarch have received, for each Monarch Share held: i) $0.192 in cash from Yamana; ii) 0.0376 of a common share of Yamana (Symbol: YRI); and iii) 0.20 of a SpinCo Share (collectively, the "Consideration").
Exchange procedure and payment of Consideration: Return Letter of Transmittal together with Monarch Share certificates or DRS Statements to Computershare Trust Company of Canada at its principal offices in Toronto.
Other market(s): None
Designated market maker: Citadel Securities Canada ULC
Security ownership registration: Certificated Issue and Direct Registration Statement
Investor relations: Mr. Jean-Marc Lacoste
President, Secretary and Chief Executive Officer
Tel.: 1 (888) 994-4465

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Ms. Élisabeth Tremblay
Senior Geologist – Communications Specialist
Tel.: 1 (888) 994-4465
Incorporation: Canada Business Corporations Act
Fiscal year end: June 30
Nature of business: SpinCo is a gold mining, development and exploration company, focused in the Abitibi mining camp in Canada. SpinCo owns four gold properties, including the Beaufor Mine, the Croinor Gold, McKenzie Break and Swanson properties, all located in the vicinity of its wholly-owned Beacon Mill.
Transfer agent and registrar: Computershare Investor Services Inc. at its principal offices in Montréal and Toronto
Dividends: SpinCo has no current plans to pay dividends on the SpinCo Shares.
Sponsorship: Not applicable
Disclosure document: The management information circular of Monarch dated as of November 30, 2020 (the "Circular"), which is available at Capitalized terms not otherwise defined herein are as defined in the Circular.
Additional information: Please see elsewhere in today's TSX bulletins for additional information regarding the Plan of Arrangement and the delisting of the Monarch Shares.
TSX contact: Chris Birkett,
Managing Director,
Toronto Stock Exchange