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Moneta Announces Closing of Oversubscribed Financing
Moneta Announces Closing of Oversubscribed Financing Canada NewsWire TIMMINS, ON...
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[{"type":"text","content":"\n\n\n\nMoneta Announces Closing of Oversubscribed Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTIMMINS, ON, July 24, 2020\n\n\n\nTIMMINS, ON, July 24, 2020 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) (\"Moneta\" or the \"Company\") announced the closing of its oversubscribed non-brokered private placement. \n\n \n \n \n \n \n \n\n \nThe Company issued 15,036,486 common shares at $0.14 per share (\"Common Shares\") and 19,997,662 common shares at $0.21 issued on a flow-through basis (\"Flow Through Shares\"), for aggregate gross proceeds of $6,304,617 (the \"Placement\").\nGary O'Connor, CEO and Chief Geologist of Moneta commented, \"The strong institutional interest in Moneta reflects the exceptional exploration potential we have identified on our flagship Golden Highway. With the closing of the financing, we will now expand our exploration program to accelerate the increase in our gold resource base. We are pleased that Mr. Eric Sprott and other existing institutional shareholders have shown continued support in increasing their ownership interest in the Company and we welcome our new institutional investors.\"\nThe proceeds from the Flow Through Shares will be used to incur Canadian exploration expenditures that are \"flow-through mining expenditures\", as 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. The proceeds from the Common Shares will be used for exploration expenditures and general working capital purposes.  \nMr. Eric Sprott subscribed to 6,428,600 shares in the private placement increasing his shareholding in Moneta to 34,299,055, or 9.9% of the total shares outstanding. An account managed by Dundee Goodman Merchant Partners also subscribed to 4,800,000 shares in the private placement.\nFinders fees were paid in the amount of $287,447 in cash and 2,002,192 broker warrants exercisable at $0.21 and expiring twenty four months following closing. Paradigm C...