Moneta Announces $6.0 Million Financing Symbol: TSX: ME
Moneta Announces $6.0 Million Financing
Symbol: TSX: ME
TORONTO
,
July 3, 2020
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX: ME) (OTC: MPUCF)
(XETRA: MOP)
("Moneta" or the "Company")
announces a non-brokered private placement for
approximately
$6,000,000
(the "
Placement
") comprised of up to (a) 14,300,000 common shares
(the "
Shares
") at
$0.14
and up to (b) 19,050,000 common shares issued on a charity flow-through
basis at
$0.21
(the "
Flow Through Shares
").
The proceeds of the Flow Through Shares will be used to incur Canadian exploration expenditures
that are "flow-through mining expenditures" (as such terms are defined in the
Income Tax Act
(
Canada
)) on the Company's Golden Highway project, which will be renounced to the subscribers
with an effective date no later than
December 31, 2020
, in the aggregate amount of not less than
the total amount of the gross proceeds raised from the issue of the Flow Through Shares.
The Placement is expected to close on or before
July 23, 2020
and is subject to the Toronto Stock
Exchange four month hold period and regulatory approval.
About Moneta
The Company holds a 100% interest in 6 core gold projects strategically located along the Destor-
Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production.
The projects consist of the Golden Highway,
North Tisdale
, Nighthawk Lake,
DeSantis East
,
Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective
ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate
comprised of an indicated resource of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au
and a total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au in the inferred category
at a 3.00 g/t Au cut-off. A preliminary economic assessment on the South West deposit located
within the Golden Highway Project commenced in Q1, 2020. The results of the PEA are due to be
delivered later in 2020. The study will review several development scenarios for the South West
deposit which was the subject of a resource update in
November 2019
.
The Company's public documents may be accessed at
www.sedar.com
. For further information on
the Company, please visit our website at
www.monetaporcupine.com
or email us at
.
SOURCE
Moneta Porcupine Mines Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/July2020/03/c4502.html
%SEDAR: 00003301E
For further information:
Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319; Ian C.
Peres, President and CFO, 416-579-3040; Linda Armstrong, Investor Relations, 647-456-9223
CO: Moneta Porcupine Mines Inc.
CNW 08:00e 03-JUL-20