2016 and Prior
|Jul 23, 2009 |
July 23, 2009, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") is pleased to announce completion of a $1,648,454 non-brokered private placement ("Placement").
Moneta issued 9,696,789 flow-through units ("Unit") at $0.17 per share for aggregate gross proceeds of $1,648,454. Each Unit is comprised of a one common share and one-half common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one common share at an exercise price of $0.18 for a term of eighteen months following the closing of the Placement ("Warrant Term"). If the closing price of the common shares of Moneta is equal to or exceeds $0.22 for 20 out of 30 consecutive trading days, during the Warrant Term, Moneta has the right to accelerate the exercise of the Warrant to a date seven days following written notice to Warrant holders.
Ian C. Peres, President & CEO said, "We are pleased to have attracted funds from top-tier Canadian institutional investors with resource sector expertise. We now have over $2M in cash resources focused on aggressively advancing exploration and development targets in the under-explored and highly prospective Golden Highway Camp. Our primary objective is to expand and upgrade the NI 43-101 resource base, with an emphasis on the prospective high-grade zones. With no outstanding debt or working capital obligations, Moneta is in a sound financial position in a difficult market for junior exploration companies".
Proceeds of the Placement will be used on exploration and development programs in the Porcupine and Golden Highway Camps. Finders' fees paid in cash were $67,149, equivalent to 4% of the gross proceeds. The Placement is subject to the standard TSX four month hold period and to final regulatory approval.
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest regional property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. The properties are located in the Golden Highway and Porcupine Camps near Timmins, Ontario, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date. Moneta's current focus is on 10 identified gold zones along a 12 km strike in the Golden Highway Camp.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO and Director
Rod Whyte, Chairman
Tel: (44) 207-736-2212 (London, UK)
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at email@example.com.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
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