Moneta Announces Closing of Financing Symbol: TSX: ME
Moneta Announces Closing of Financing
Symbol: TSX: ME
TIMMINS, ON
,
June 19, 2018
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX:ME)
(OTC:MPUCF)
(XETRA:MOP) (the "Company")
announced the closing of a non-
brokered private placement.
The Company issued 20,000,000 shares on a flow-through basis at a price of
$0.15
per share for
gross proceeds of
$3,000,000
("
Placement
"). The Placement was fully subscribed equally by two
institutional investors.
Ian C. Peres
, President and CFO commented, "This flow-through financing is with two respected
institutions that have financed us in the recent past and continue to be supportive. This will allow us
to undertake additional exploration efforts including historical drill core resampling, modelling and
focused drilling expected to expand and confirm our geological interpretation in support of the NI 43-
101 Resource Estimate on the South West Deposit to be completed before the end of the year."
The proceeds of the Placement 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, 2018
, in the aggregate amount of not less than the total amount of
the gross proceeds raised from the issue of the Placement. A total of one hundred and
eighty
thousand dollars
were paid in cash finder's fees. The Placement is subject to a standard four month
hold period and final regulatory approval.
About Moneta
The Company holds a 100% interest in 5 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, Kayorum and Denton
projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic
volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of
1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au),
clustered within four kilometres.
The Corporation's public documents may be accessed at
www.sedar.com
. For further information
on the Corporation, please visit our website at
www.monetaporcupine.com
or email us at
.
SOURCE
Moneta Porcupine Mines Inc.
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%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
CO: Moneta Porcupine Mines Inc.
CNW 08:46e 19-JUN-18