Ann: Presentation - Red 5 and Silver Lake Resources to Merge, page-49

I would think Monetised means that they sell the shares into the market and bank the cash - there wont be any additional distribution to shareholders just improved cash reserves. Cancellation is a mechanism for when a company acquires shares in itself (as RED will be doing under the transaction) to cancel the shares. Effectively a capital reduction - no cash generated but the number of shares on issue reduces.