Moneta announces increase in Eric Sprott stake to 9.0% Symbol: TSX: ME
Moneta announces increase in Eric Sprott
stake to 9.0%
Symbol: TSX: ME
TORONTO
,
Sept. 10, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce a non-brokered private
placement financing with
Eric Sprott
(the "
Placement
") of (a) 4,545,455 common shares (the
"
Shares
") at a price of
$0.11
per share and (b) 15,625,000 common shares at a price of
$0.16
per
share, issued on a flow-through basis (the "Flow Through Shares"), for an aggregate amount of
$3,000,000
and 20,170,455 shares. The placement will increase Mr. Sprott's shareholding to
27,870,455 shares, equivalent to 9.0% of the total shares outstanding.
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 gross proceeds raised for the Flow Through Shares portion of this Placement. A total of one
hundred and
thirty three thousand dollars
was paid in cash finder's fees. Closing of the Placement is
expected to close shortly. 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 ("DPFZ") 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 NI 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 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
.
This news release includes certain forward-looking information and forward-looking statements,
collectively "forward-looking statements"
within the meaning of applicable Canadian securities
legislation.
Forward-looking statements are frequently identified by such words as "may", "will",
"plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and
results. Forward-looking statements include, but are not limited to information with respect to the
future performance of the business, its operations and financial performance and condition such
as the Company's drilling program and the timing and results thereof; and the ability of the
Company to finance and carry out its anticipated goals and objectives.
Forward-looking statements are based on the current opinions and expectations of management.
All forward-looking information is inherently uncertain and subject to a variety of assumptions,
risks and uncertainties, including the speculative nature of mineral exploration and development,
fluctuating commodity prices, competitive risks and the availability of financing, as described in
more detail in our recent securities filings available at
www.sedar.com
. Actual events or results
may differ materially from those projected in the forward looking-statements and we caution
against placing undue reliance thereon. We assume no obligation to revise or update these
forward-looking statements.
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 08:00e 10-SEP-19