Moneta Announces Closing of Financing Symbol: TSX: ME
Moneta Announces Closing of Financing
Symbol: TSX: ME
TIMMINS, ON
,
Dec. 24, 2018
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX:ME)
(OTC:MPUCF)
(XETRA:MOP) (the "Company")
announced the closing of a non-
brokered private placement (
"Placement"
).
The Company issued 3,333,334 common shares on a flow-through basis at a price of
$0.15
per
share for gross proceeds of
$500
,000 ("
Gross Proceeds
").
Ian C. Peres
, President and CFO commented, "This flow-through financing was fully subscribed by a
long term strategic investor. This, in tandem with our other strong shareholders, will be instrumental
as we release what we believe could be a transformational updated NI 43-101 resource estimate on
our Golden Highway Project in
January 2019
."
The Gross 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.
There were no purchase warrants or finder's fees associated with this Placement and the subscriber
agreed to a common share resale restriction that expires in one year, in
December 2019
. 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 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.
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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 13:18e 24-DEC-18