Symbol: TSX: ME
TIMMINS, ON, Dec. 24, 2018 /CNW/ - Moneta Porcupine
Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)
(the "Company") announced the closing of a non-brokered private
placement ("Placement").
The Company issued 3,333,334 common shares on a flow-through
basis at a price of $0.15 per share
for gross proceeds of $500,000 ("Gross Proceeds").
Ian C. Peres, President and CFO
commented, "This flow-through financing was fully subscribed by a
long term strategic investor. This, in tandem with our other strong
shareholders, will be instrumental as we release what we believe
could be a transformational updated NI 43-101 resource estimate on
our Golden Highway Project in January
2019."
The Gross 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.
There were no purchase warrants or finder's fees associated with
this Placement and the subscriber agreed to a common share resale
restriction that expires in one year, in December 2019. 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 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.
