Business
Moneta Gold Closes Upsized and Oversubscribed $15.4 Million Bought Deal Financing
Toronto, Ontario--(Newsfile Corp. - August 18, 2022) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEA...
About this update from Stllr Gold Inc.
[{"type":"text","content":"Moneta Gold Closes Upsized and Oversubscribed $15.4 Million Bought Deal FinancingToronto, Ontario--(Newsfile Corp. - August 18, 2022) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) (\"Moneta\" or the \"Company\") is pleased to announce that it has closed its previously announced (see July 29, 2022 press release) upsized and oversubscribed \"bought deal\" brokered private placement of 6,000,000 common shares of the Company that qualify as \"flow through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the \"Flow Through Shares\") at an issue price of $2.40 per Flow Through Share and 608,000 common shares (the \"Hard Dollar Shares\") at a price of $1.645 per Hard Dollar Share for aggregate gross proceeds of $15,400,160, including the exercise in full of the underwriters' option (the \"Offering\").The Offering was led by Stifel GMP (the \"Lead Underwriter\"), on behalf of itself and a syndicate of underwriters that included Haywood Securities Inc., iA Private Wealth Inc., Paradigm Capital Inc., and Sprott Capital Partners LP.Gary O'Connor, President, CEO and Director, commented, \"The successful closing of our upsized and oversubscribed financing has strengthened our balance sheet, allowing Moneta to continue de-risking the Tower Gold project. I would also like to welcome our new investors and thank all stakeholders for their continued support.\"The gross proceeds from the sale of the Flow Through 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, 2023. The Qualifying Expenditures shall be renounced to the purchasers of the Flow Through Shares effective on or before December 31, 2022. The net proceeds of the sale of the Hard Dollar Shares shall be used for general corporate purposes.All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1...