Deal offers 14.3 million common shares at C$0.35 each, a 5.4% discount
By Devika Patel
Knoxville, Tenn., Feb. 23 - Moneta Porcupine Mines Inc. said it will raise C$5.01 million in a private placement of stock via a syndicate of underwriters led by Stonecap Securities Inc.
The company will sell 14.3 million common shares at C$0.35 per share on a bought-deal basis. The price per share is a 5.4% discount to C$0.37, the Feb. 22 closing share price.
Settlement is expected March 20.
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$5,005,000
|
| Shares: | 14.3 million
|
| Price: | C$0.35
|
| Warrants: | No
|
| Agent: | Stonecap Securities Inc. (lead)
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 20
|
| Stock symbol: | Toronto: ME
|
| Stock price: | C$0.37 at close Feb. 22
|
| Market capitalization: | C$58.2 million
|
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