Monarch's Minjar set to be sold for $13m

Perth businessman Robert Nash, through his company Golden Stallion Resources, is set to buy the Minjar gold asset from collapsed company Monarch Gold Mining for some $13 million.

A spokesperson for Monarch administrators, Pitcher Partners, said a share sale agreement has been executed with both parties currently working through the conditions attached to the deal.

Final approval of the sale agreement rests with creditors with a meeting scheduled for Monday.

The spokesperson would not confirm the exact sale amount but said it was more or less around the $13 million mark.

She added that confidentiality clauses prevented her from revealing the nature of the share sale agreement.

Monarch, which went into administration in July last year, had signed a heads of agreement to sell Minjar to Aard Metals and Energy for $11 million however that deal fell through.

Additionally, the spokesperson said the administrators have received several indicative offers for the sale of other Monarch's assets and or the restructure and recapitalisation of the company.

She said Pitcher Partners have shortlisted a number of parties that will now conduct further detailed due diligence and visit the sites. The due diligence period is set to end on March 27.