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
info@monetaporcupine.com.
SOURCE Moneta Porcupine Mines Inc.