TIMMINS, ON, May 6, 2015 /CNW/ - Moneta Porcupine
Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)
(the "Company") announces the completion of a $235,000 non-brokered private placement.
The Company issued 3,200,000 units at a price of $0.05 per unit ("Units") comprised of one common
share and one purchase warrant exercisable at $0.07 for thirty six months for gross proceeds of
$160,000, and 1,250,000 flow-through
units at a price of $0.06 per unit
("Flow-Through Units") comprised of one common share issued on a
flow-through basis ("Flow-Through Shares") and one purchase warrant
exercisable at $0.08 for thirty six
months for gross proceeds of $75,000,
for total gross proceeds of $235,000
(the "Placement").
Insiders of the company subscribed for 2,000,000 Units and
1,250,000 Flow-Through Units or 75% of the Placement. There
were no finders' fees or commissions paid. The Placement is
subject to a four month hold period and final regulatory
approval.
The proceeds received by the Company from the sale of the
Flow-Through Shares will be primarily 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, 2015, in the aggregate amount of not
less than the total amount of the gross proceeds raised from the
issue of Flow-Through Shares. The net proceeds from the sale of
common shares will be used for working capital and general
corporate purposes.
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically
located along the Destor Porcupine Fault Zone in the world class
Timmins Camp with over 85 million
ounces of past gold production. Moneta's land position is one
of the largest after three gold producers including the highly
prospective Golden Highway Project. The Golden Highway
Project covers 12 kilometers of a highly prospective
volcanic/sedimentary belt along the Destor Porcupine Fault Zone and
currently hosts a NI 43-101 resource estimate of 1,091,000 ounces
indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred
(83.3 Mt at 1.20 g/t Au), clustered within four kilometres. The
Golden Highway Project hosts exceptional infrastructure including
paved highway access, water, electricity, skilled labor force, and
nearby mills.
Moneta's public documents may be accessed at www.sedar.com. For
further information on Moneta, please visit our website at
www.monetaporcupine.com or email us at
info@monetaporcupine.com.
SOURCE Moneta Porcupine Mines Inc.