Monarques Resources Inc. (TSXV:MQR) signed an agreement to acquire 99.99% stake in X-Ore Resources Inc from Blue Note Mining Inc. (TSXV:BNT) for CAD 0.31 million in cash and stock on October 18, 2013. The purchase price consists of CAD 0.11 million in cash and 0.14 million common shares of Monarques Resources Inc. The transaction includes 50% of the Croinor property and 100% of the Croinor-Pershing property. As on May 16, 2013, PricewaterhouseCoopers Inc. was appointed as trustee to attend Blue Note and X-Ore in their restructuring efforts under the Bankruptcy and Insolvency Act. The transaction is subject to the termination of all the royalty agreements linked to the Croinor property, the approval of creditors and the approval of the competent regulatory authorities. The transaction is expected to close on February 28, 2014.

Monarques Resources Inc. (TSXV:MQR) completed the acquisition of X-Ore Resources Inc from Blue Note Mining Inc. (TSXV:BNT) on May 13, 2014.