By Devika Patel
Knoxville, Tenn., July 23 - Moneta Porcupine Mines Inc. announced it raised C$1.65 million in a private placement of units.
The company sold 9,696,789 units at C$0.17 apiece. Each unit consists of one flow-through common share and a half-share warrant. Each whole warrant is exercisable at C$0.18 for 18 months.
The warrants may expire sooner if the closing price of the common shares is C$0.22 or higher for 20 out of 30 consecutive trading days. In that case, the warrants will expire seven days after the company notifies holders.
Proceeds will be used for expliration and development.
Moneta a Timmins, Ont.-based mineral resource exploration and development company.
| Issuer: | Moneta Porcupine Mines Inc.
|
| Issue: | Units of one flow-through common share and a half-share warrant
|
| Amount: | C$1,648,454.13
|
| Units: | 9,696,789
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.18
|
| Settlement date: | July 23
|
| Stock symbol: | Toronto: ME
|
| Stock price: | C$0.15 at close July 22
|
| Market capitalization: | C$17.2 million
|
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