Symbol: TSX: ME
TORONTO, Sept. 10, 2019 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce a non-brokered private
placement financing with Eric Sprott
(the "Placement") of (a) 4,545,455 common shares (the
"Shares") at a price of $0.11
per share and (b) 15,625,000 common shares at a price of
$0.16 per share, issued on a
flow-through basis (the "Flow Through Shares"), for an aggregate
amount of $3,000,000 and 20,170,455
shares. The placement will increase Mr. Sprott's shareholding to
27,870,455 shares, equivalent to 9.0% of the total shares
outstanding.
The proceeds of the Flow Through Shares will be used to incur
Canadian exploration expenditures that are "flow-through mining
expenditures" (as such terms are 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, 2019, in the aggregate amount of not
less than the gross proceeds raised for the Flow Through Shares
portion of this Placement. A total of one hundred and thirty three thousand dollars was paid in cash
finder's fees. Closing of the Placement is expected to close
shortly. The Placement is subject to a standard four month hold
period and final regulatory approval.
About Moneta
The Company holds a 100% interest in 6
core gold projects strategically located along the Destor-Porcupine
Fault Zone ("DPFZ") in the Timmins Gold Camp with over 85 million
ounces of past gold production. The projects consist of the Golden
Highway, North Tisdale, Nighthawk
Lake, DeSantis East, Kayorum and
Denton projects. The Golden Highway Project covers 12 kilometres of
prospective ground along the DPFZ of which 4 km hosts the current
NI 43-101 mineral resource estimate comprised of an indicated
resource of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t
Au and a total of 873,200 ounces gold contained within 6.46 Mt @
4.21 g/t Au in the inferred category at a 3.00 g/t Au cut-off.
The Company's public documents may be accessed at
www.sedar.com. For further information on the Company, please visit
our website at www.monetaporcupine.com or email us at
info@monetaporcupine.com.
This news release includes certain forward-looking
information and forward-looking statements, collectively
"forward-looking statements" within the meaning of
applicable Canadian securities legislation. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend" and
similar words referring to future events and results.
Forward-looking statements include, but are not limited to
information with respect to the future performance of the business,
its operations and financial performance and condition such as the
Company's drilling program and the timing and results thereof; and
the ability of the Company to finance and carry out its anticipated
goals and objectives.
Forward-looking statements are based on the current opinions
and expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available
at www.sedar.com. Actual events or results may
differ materially from those projected in the forward
looking-statements and we caution against placing undue reliance
thereon. We assume no obligation to revise or update these
forward-looking statements.
SOURCE Moneta Porcupine Mines Inc.