/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION
DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES./
Symbol: TSX: ME
TORONTO, July 28,
2022 /CNW/ - Moneta Gold Inc. (TSX: ME)
(OTCQX: MEAUF) (XETRA: MOP) ("Moneta Gold" or the "Company") is
pleased to announce that it has entered into an agreement with
Stifel GMP to act as lead underwriter for and behalf of a syndicate
of underwriters (collectively, the "Underwriters"), in
connection with a "bought deal" private placement offering for
aggregate gross proceeds of approximately C$10.08 million consisting of 4,200,000
common shares of the Company that qualify as "flow through shares"
(within the meaning of subsection 66(15) of the Income Tax Act
(Canada)) (the "Flow Through
Shares") at a price of C$2.40 per
Flow Through Share for aggregate gross proceeds of C$10,000,000 (the "Offering"). In
addition, the Company has granted the Underwriters an option to
purchase 1,008,000 additional Flow Through Shares on the terms
described above for additional aggregate gross proceeds of up to
approximately C$2,016,000,
exercisable up to 48 hours prior to the closing of the
Offering.
The gross proceeds from the Offering will be used to incur
eligible "Canadian exploration expenses" that will qualify as
"flow-through mining expenditures", as both terms are defined in
the Income Tax Act (Canada)
(the "Qualifying Expenditures") related to the Company's
Tower Gold project in Ontario on
or before December 31, 2023 and shall
renounce the Qualifying Expenditures to the purchasers of the Flow
Through Shares effective on or before December 31, 2022.
The Offering is scheduled to close on or about August 18, 2022 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the approval of
the Toronto Stock Exchange.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Moneta GoldMoneta
is a Canadian-based gold exploration company focussed on
advancing its 100% wholly owned Tower Gold project, which currently
hosts a gold mineral resource estimate of 4.3 Moz
indicated and 7.5 Moz inferred. The
Corporation's 2022 drill program is primarily designed to
infill and upgrade the resource categories of the mineral
resources. An updated PEA study encompassing the entire Tower Gold
project is planned to be completed in the third quarter of
2022. Moneta is committed to creating shareholder
value through the strategic allocation of capital and a focus on
the current resource upgrade drilling program, while conducting all
business activities in an environmentally and socially responsible
manner.
The Company's public documents may be accessed at www.sedar.com.
For further information on the Company, please visit our website at
www.monetagold.com or email us at info@monetagold.com.
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 Corporation's drilling
program and the timing and results thereof and the timing of the
Corporation's PEA. Forward-looking statements are subject to
inherent risks and uncertainties including without limitation the
impact of COVID-19 related disruptions in relation to the
Corporation's business operations including upon its employees,
suppliers, facilities and other stakeholders; uncertainties and
risk that have arisen and may arise in relation to travel, and
other financial market and social impacts from COVID-19 and
responses to COVID 19 and the ability of the Corporation to finance
and carry out its anticipated goals and objectives. International
conflicts and other geopolitical risks, including war, military
action, terrorism, trade and financial sanctions, which have
historically led to, and may in the future lead to, uncertainty or
volatility in global commodity and financial markets and supply
chains; the impact of Russia's
invasion of Ukraine and the
widespread international condemnation has had a significant
destabilizing effect on world commodity prices, supply chains,
inflation risk, and global economies more broadly, may adversely
affect the Corporation's business, financial condition, and results
of operations.
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 Gold Inc.