Here's the long awaited newsWe can now see why the share price pulled back as a new PP has been announced. The 2011 drill program has been underway since late January and should be some further news around the corner....ACE$
MONETA COMPLETES $6.6 MILLION FINANCING
09:00 EDT Wednesday, March 23, 2011
TIMMINS, ON, March 23 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) (the "Company" or "Moneta") announces the completion of a $6,600,000 non-brokered private placement ("Placement").
The Company issued 11,428,571 common shares on a structured flow-through basis at
.49 per share for aggregate gross proceeds of $5,600,000 and 2,857,143 common shares at
.35 for aggregate gross proceeds of $1,000,000. The financing has been completed on a 'structured' flow-through basis whereby two hard dollar institutional investors hold the full 14,285,714 common shares for $6.6 million upon closing of the financing.
Ian C. Peres, President and CEO, said, "We are pleased to expand Moneta's shareholder base with two top-tier hard dollar institutional investors who were the only participants in the current $6.6M financing. The Company is now well funded to undertake robust exploration programs over the next 18-24 months, excluding other expected cash inflows. The Golden Highway Project remains the top priority exploration and development target, however Moneta's four other highly prospective and underexplored core projects will also be advanced."
The Company has contracted three drills and plans to complete up to 30,000 metres in the 2011 drill program. The objective of the 2011 drill program is to expand the newly identified gold zones, namely the 267 Zone, 162 Zone and 273 Zones, all part of the greater Southwest Zone, and located within the Company's 100% owned Golden Highway Project which covers 12km of highly prospective geology. In addition, several highly prospective and newly identified 2011 targets, all located in close proximity to the Southwest Zone, will be tested. The three drills have been in operation since late January 2011 with drill results to follow in short order.
Proceeds of the Placement will be used for exploration and development programs in the Porcupine and Golden Highway Camps and general working capital purposes. Finders' fees paid in cash were $199,000, equivalent to 3.0% of the gross proceeds. The Placement is subject to the standard TSX four month hold period and to final regulatory approval.