Symbol: TSX: ME
TORONTO, July 3, 2020 /CNW/ - Moneta Porcupine Mines
Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or
the "Company") announces a non-brokered private placement for
approximately $6,000,000 (the
"Placement") comprised of up to (a) 14,300,000 common shares
(the "Shares") at $0.14 and up
to (b) 19,050,000 common shares issued on a charity flow-through
basis at $0.21 (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, 2020, in the aggregate amount of not
less than the total amount of the gross proceeds raised from the
issue of the Flow Through Shares.
The Placement is expected to close on or before July 23, 2020 and is subject to the Toronto Stock
Exchange four month hold period and 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 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
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. A preliminary
economic assessment on the South West deposit located within the
Golden Highway Project commenced in Q1, 2020. The results of the
PEA are due to be delivered later in 2020. The study will review
several development scenarios for the South West deposit which was
the subject of a resource update in November
2019.
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
info@monetaporcupine.com.
SOURCE Moneta Porcupine Mines Inc.