By Devika Patel
Knoxville, Tenn., Dec. 4 - Moneta Porcupine Mines Inc. said it completed a C$4.2 million non-brokered private placement of units.
The company sold 12 million units at C$0.35 apiece. Each unit consists of one flow-through common share and one half-share warrant. Each whole warrant will be exercisable at C$0.45 for 18 months.
Proceeds will be used for exploration and development.
Moneta a Timmins, Ont.-based mineral resource exploration and development company.
Issuer: | Moneta Porcupine Mines Inc.
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Issue: | Units of one flow-through common share and one half-share warrant
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Amount: | C$4.2 million
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Units: | 12 million
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Price: | C$0.35
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.45
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Agent: | Non-brokered
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Settlement date: | Dec. 4
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Stock symbol: | Toronto: ME
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Stock price: | C$0.41 at close Dec. 3
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Market capitalization: | C$41.8 million
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