Business
Moneta Closes Oversubscribed $22.6 Million Financing
Toronto, Ontario--(Newsfile Corp. - February 4, 2021) - Moneta Porcupine Mines Inc. (TSX:ME) ...
About this update from Stllr Gold Inc.
[{"type":"text","content":"Moneta Closes Oversubscribed $22.6 Million FinancingToronto, Ontario--(Newsfile Corp. - February 4, 2021) - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (\"Moneta\" or the \"Company\") is pleased to announce that the Company has closed its previously announced (ME-PR 01-2021) bought deal private placement (\"Bought Deal Offering\") for aggregate gross proceeds of C$19.6 million.The Bought Deal Offering was led by Paradigm Capital Inc. (\"Paradigm\") and Dundee Goodman Merchant Partners (\"Dundee\") on behalf of a syndicate of underwriters including Canaccord Genuity Corp., Eight Capital, Haywood Securities Inc., and Sprott Capital Partners LP (together with Paradigm and Dundee, the \"Underwriters\"). In connection with the Bought Deal Offering, Moneta issued 17,343,700 common shares at C$0.32 per share (\"Hard Dollar Shares\") and 30,435,000 common shares at C$0.46 issued on a flow-through basis (\"Flow Through Shares\") for aggregate gross proceeds of $19,550,084, including 7,968,700 Hard Dollar Shares pursuant to the full exercise of the Underwriters' option. Concurrent with the Bought Deal Offering, Moneta also closed its previously announced non-brokered private placement of subscription receipts at a price of C$0.32 per subscription receipt for gross proceeds of C$3,000,000 (\"Subscription Receipts\"). The proceeds from the sale of the Subscription Receipts have been deposited into escrow pending satisfaction of certain escrow release conditions, including closing of the previously announced acquisition (\"Acquisition\") of the Garrison project from O3 Mining (ME-PR 01-2021), as further described below. At the time the Acquisition closes, each Subscription Receipt will be exchanged for one common share of Moneta.Gary O'Connor, CEO of Moneta, commented, \"The closing of our oversubscribed financing provides Moneta with the ability to quickly advance our existing gold resources, as well as those to be acquired once the combination with O3 Mining's Garrison Project is concluded. The combined assets will host a current resource of 4.0M gold ounces indicated and 4.4M gold ounces inferred, creating one of the largest undeveloped gold projects in North America. Our drill program for this year is planned to be 70,000 metres, more than double the size of our program in 2020 with several high-grade and open pit t...