Moneta Announces Closing of Financing Symbol: TSX: ME
Moneta Announces Closing of Financing
Symbol: TSX: ME
TIMMINS, ON
,
July 12, 2019
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX:ME)
(OTC:MPUCF)
(XETRA:MOP) (the "Company")
announced the closing of a non-
brokered private placement led by Paradigm Capital Inc.
The Company issued 24,204,545 shares for aggregate proceeds of
$3,204,545
(the "
Placement
")
and comprised of (a) 6,363,635 common shares at a price of
$0.11
per share (the "Shares") and (b)
9,090,910 common shares at a price of
$0.16
per share and 8,750,000 common shares at a price
of
$0.12
per share, issued on a flow-through basis (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, 2019
, 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
sixty five thousand dollars
was paid in cash finder's fees and the Company issued
1,452,273 broker warrants exercisable at
$0.16
and expiring twenty four months following the
closing of the Placement. The Placement is subject to a standard four month hold period and final
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 80 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.
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 14:00e 12-JUL-19