US focused and listed gold junior Bullion Monarch Mining (OTCQB:BULM) confirmed its intention to apply for a listing on the Toronto Stock Exchange.
One of Bullion Monarch’s key assets is a 1% GSR (gross smelter royalty) on Newmont Mining's (NYSE:NEM) Leeville mine on the Carlin trend, which generated revenues of US$5.2 million in fiscal 2010. The value of the royalty recently attracted an unsolicited approach from Eurasian Minerals (TSX-V:EMX), which valued Bullion Monarch at approximately $43 million. Bullion Monarch swiftly rejected the offer.
The company instead has chosen to focus on raising the profile of the company through a listing on North America’s premier market for natural resources focused companies. Petersen Law, a corporate finance law firm has been engaged to assist with the listing process, and preliminary discussions with the TSX has commenced.
“Bullion Monarch Mining management feels that a TSX listing is a top priority to continue the rapid growth of the Company. The Company’s goal is designed to expose the Company to a very knowledgeable, sophisticated and active base of institutional and individual investors,” the company stated.
Beyond the 1% GSR, Bullion Monarch has exploration projects in Brazil and Mexico, and also owns a proprietary technology for extracting oil from shale.