TIMMINS, ON, Jan. 6 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME / XETRA:
MOP) ("Moneta") is pleased to announce that it has completed a $140,000
non-brokered private placement financing.
The financing was subscribed exclusively by accredited investors. A total
of 2,333,334 flow-through common shares are to be issued at $0.06 for gross
proceeds of $140,000.
Proceeds from the financing are to be used to advance Moneta's Golden
Highway Project properties. There were no finder's fees associated with the
financing. The financing is subject to final regulatory approval.
"We are pleased to complete this flow-through financing which adds to
existing flow-through cash on hand and permits Moneta to undertake a 2009
winter exploration and development program. Moneta continues to be
well-positioned with at least 18 months of hard dollar (non flow-through) cash
on hand," said Ian C. Peres, Chief Executive Officer of Moneta.
Moneta is a long-established Canadian minerals exploration company and
former gold producer. The Company holds an extensive, high-quality gold
exploration portfolio with four gold projects in the prolific Golden Highway
and Porcupine Camps near Timmins, Ontario. The area along the Destor Porcupine
Fault Zone is one of the most prolific gold producing areas in North America
with over 78 million ounces of gold mined to date. The Company is operated by
an experienced management team and maintains a low-cost, efficient
Timmins-based exploration operation with its own field office and equipment.
The Company's public documents may be accessed at www.sedar.com.
For further information on the Company, please visit our website at
www.monetaporcupine.com or email us at email@example.com.
The TSX does not accept responsibility for the adequacy or accuracy of
For further information:
For further information: Ian C. Peres, CEO and Director, (416) 579-3040,
firstname.lastname@example.org; Rod Whyte, President and Director, London, UK,
Tel: (44) 207-736-2212, email@example.com