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Moneta Porcupine Mines Inc Announces closing Of $8.1 million Bought Deal Financing


Friday, 21 Dec 2012 10:44am EST 

Moneta Porcupine Mines Inc announced the completion of its previously announced bought deal offering of 15,392,077 flow-through common shares at $0.35 and 10,307,885 common shares at $0.26 per share, for aggregate gross proceeds of $8,067,277. The proceeds received by the Company from the sale of the Flow-Through Shares will be used to incur Canadian exploration expenditures that are "flow-through mining expenditures primarily 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 balance of the net proceeds of the Offering will be used for working capital and general corporate purposes. The shares issued in connection with the Offering are subject to a four-month hold period, which expires on April 21, 2013. The Offering was conducted on a bought deal private placement basis by Haywood Securities Inc. and a syndicate of underwriters, including Stifel Nicolaus Canada Inc., Cormark Securities Inc., and Paradigm Capital Inc. A cash commission of $281,953 was paid to the Underwriters in connection with the Offering and compensation warrants were issued to the Underwriters entitling them to purchase up to 1,079,998 common shares of the Company at a price of $0.28 per common share until June 21, 2014. 

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