Non-brokered offering sells two types of shares to fund exploration
By Devika Patel
Knoxville, Tenn., March 23 - Moneta Porcupine Mines Inc. said it completed a C$6.6 million non-brokered private placement of common shares and flow-through common shares.
The company sold 2,857,143 common shares at C$0.35 apiece for C$1 million. The company also sold 11,428,571 flow-through common shares at C$0.49 per share for C$5.6 million.
The price per common share is identical to the March 22 closing share price of C$0.35. The price per flow-through share is a 40% premium to that price.
Proceeds will be used for exploration and development programs in the Porcupine and Golden Highway Camps and general working capital purposes.
Moneta a Timmins, Ont.-based mineral resource exploration and development company.
| Issuer: | Moneta Porcupine Mines Inc.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$6.6 million
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Settlement date: | March 23
|
| Stock symbol: | Toronto: ME
|
| Stock price: | C$0.35 at close March 22
|
| Market capitalization: | C$57.17 million
|
|
|
| Common shares
|
| Amount: | C$1 million
|
| Shares: | 2,857,143
|
| Price: | C$0.35
|
|
|
| Flow-through shares
|
| Amount: | C$5.6 million
|
| Shares: | 11,428,571
|
| Price: | C$0.49
|
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