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Moneta Porcupine Mines Inc Announces $7.0 Million Bought Deal Financing


Tuesday, 11 Dec 2012 09:17am EST 

Moneta Porcupine Mines Inc announced that it has entered into an agreement with Haywood Securities Inc. ("Haywood"), pursuant to which a syndicate of underwriters led by Haywood (the "Underwriters") will purchase flow-through common shares ("Flow-Through Shares") and common shares of the Company (the "Common Shares") at a price of $0.35 per Flow-Through Share and $0.26 per Common Share (the "Issue Price"), for aggregate gross proceeds of $7,000,000. In addition, the Company will grant the Underwriters an option to sell additional flow-through shares at $0.35 (the "Over-Allotment Flow-Through Shares" and together with the Flow-Through Shares and Common Shares, the "Offered Securities"), to raise additional gross proceeds of up to $2,000,000. The proceeds received by the Company from the sale of the Flow-Through Shares will be primarily used to incur Canadian exploration expenditures that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's Golden Highway project, which will be renounced to the subscribers with an effective date no later than December 31, 2012, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of Flow-Through Shares. The net proceeds from the sale of common shares will be used for working capital and general corporate purposes. 

Company Quote

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29 Jul 2014