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