Cormark Securities and Sprott help fund exploration and development
By Devika Patel
Knoxville, Tenn., Sept. 7 – Moneta Porcupine Mines Inc. said it settled a C$7.61 million private placement of units. The deal priced for C$7 million with a 15% greenshoe on the flow-through portion of the sale on Aug. 16.
The company sold 17,215,335 flow-through units of one flow-through common share and one warrant at C$0.395 per unit for C$6.8 million.
Moneta also sold 2,714,431 units of one common share and one warrant at C$0.30 per unit for C$814,329.
Of the flow-through units, 2,025,335 were part of the greenshoe.
The warrants are each exercisable at C$0.42 for two years. The strike price is a 23.53% premium to the Aug. 15 closing share price of C$0.34.
The deal was conducted on a commercially reasonable basis by underwriters co-led by Cormark Securities Inc. and Sprott Private Wealth LP.
Proceeds will be used for exploration and development of the company's mineral properties in Ontario and general corporate and working capital purposes.
The base metals explorer is based in Timmins, Ont.
| Issuer: | Moneta Porcupine Mines Inc.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, units of one common share and one warrant
|
| Amount: | C$7,614,387, including C$800,000 greenshoe of 2,025,335 flow-through units
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.42
|
| Agent: | Cormark Securities Inc. and Sprott Private Wealth LP (co-leads)
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 7
|
| Stock symbol: | Toronto: ME
|
| Stock price: | C$0.34 at close Aug. 15
|
| Market capitalization: | C$72.83 million
|
|
|
| Flow-through units
|
| Amount: | C$6,800,057
|
| Units: | 17,215,335
|
| Price: | C$0.395
|
|
|
| Units
|
| Amount: | C$814,329
|
| Units: | 2,714,431
|
| Price: | C$0.30
|
|
|
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