Deal sells 10 million common shares at C$0.30 each, an 18.92% discount
By Devika Patel
Knoxville, Tenn., March 27 - Moneta Porcupine Mines Inc. said it took in C$3 million in a private placement of stock. The deal was conducted via a syndicate of underwriters led by Stonecap Securities Inc. and including Industrial Alliance Securities Inc. The offering priced for C$5.01 million on Feb. 23.
The company sold 10 million common shares at C$0.30 per share on a bought-deal basis. The price per share is an 18.92% discount to C$0.37, the Feb. 22 closing share price.
Proceeds will be used for exploration at the Golden Highway project, working capital and general corporate purposes.
Moneta is a Timmins, Ont.-based mineral resource exploration and development company.
| Issuer: | Moneta Porcupine Mines Inc.
|
| Issue: | Common stock
|
| Amount: | C$3 million
|
| Shares: | 10 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Underwriters: | Stonecap Securities Inc. (lead), Industrial Alliance Securities Inc.
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 27
|
| Stock symbol: | Toronto: ME
|
| Stock price: | C$0.37 at close Feb. 22
|
| Market capitalization: | C$42.59 million
|
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