MONETA COMPLETES $6.6 MILLION FINANCING

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[{"type":"text","content":"\n\n\n Mar. 23, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTIMMINS, ON, March 23 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) (the\n "Company" or "Moneta") announces the completion of a $6,600,000 non-brokered private placement\n ("Placement").\n\n\nThe Company issued 11,428,571 common shares on a structured flow-through\n basis at $0.49 per share for aggregate gross proceeds of $5,600,000 and\n 2,857,143 common shares at $0.35 for aggregate gross proceeds of\n $1,000,000. The financing has been completed on a 'structured'\n flow-through basis whereby two hard dollar institutional investors hold\n the full 14,285,714 common shares for $6.6 million upon closing of the\n financing.\n\n\nIan C. Peres, President and CEO, said, "We are pleased to expand\n Moneta's shareholder base with two top-tier hard dollar institutional\n investors who were the only participants in the current $6.6M\n financing.  The Company is now well funded to undertake robust\n exploration programs over the next 18-24 months, excluding other\n expected cash inflows.  The Golden Highway Project remains the top priority exploration and development target, however\n Moneta's four other highly prospective and underexplored core projects\n will also be advanced."\n\n\nThe Company has contracted three drills and plans to complete up to\n 30,000 metres in the 2011 drill program.  The objective of the 2011\n drill program is to ex...

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