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Moneta Announces Closing of $26 Million Bought Deal Private Placement, Including Full Exercise of Over-Allotment Option
Toronto, Ontario--(Newsfile Corp. - May 17, 2023) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (F...
About this update from Stllr Gold Inc.
[{"type":"text","content":"Moneta Announces Closing of $26 Million Bought Deal Private Placement, Including Full Exercise of Over-Allotment OptionToronto, Ontario--(Newsfile Corp. - May 17, 2023) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (\"Moneta\" or the \"Company\") is pleased to announce that it has closed its previously announced (see April 19, 2023 press release) bought deal private placement of 13,868,400 charity flow-through common shares of the Company that qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) and \"Ontario focused flow-through shares\" as defined in the Taxation Act, 2007 (Ontario) (the \"FT Shares\") at an issue price of $1.50 per FT Share for gross proceeds of $20,802,600 (the \"FT Offering\") and 4,907,500 common shares of the Company (the \"HD Shares\") at a price of $1.06 per HD Share for gross proceeds of $5,201,950 (the \"HD Offering\") for aggregate gross proceeds of $26,004,550, including the exercise of the full amount of the over-allotment option (the \"Offering\").The Offering was led by National Bank Financial Inc. (the \"Lead Underwriter\"), on behalf of itself and a syndicate of underwriters that included Paradigm Capital Inc., Haywood Securities Inc., iA Private Wealth Inc., SCP Resource Finance LP, Stifel Nicolaus Canada Inc., and Velocity Trade Holdings Ltd. (together, the \"Underwriters\").Gary O'Connor, President and Chief Executive Officer commented, \"The successful closing of this financing, including the full exercise of the over-allotment option, has strengthened our balance sheet, allowing Moneta to continue advancing and de-risking the Tower Gold project. We are very appreciative of the continued support of our existing shareholders and are equally pleased to welcome new shareholders to our registry.\"The gross proceeds from the sale of the FT Shares 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, 2024. The Qualifying Expenditures shall be renounced to the purchasers of the FT Shares effective on or before December 31, 2023. The net proceeds from the sale of the HD Shares will be used for wor...