/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S. /
TIMMINS, ON, March 16, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME)(OTC:MPUCF)(XETRA:MOP) (the
"Company") announces that it has amended the terms of the previously announced
bought deal financing (Press Release February 23, 2012).
Moneta has agreed to amend the February 23, 2012 agreement with the
syndicate of underwriters (the "Underwriters"), led by Stonecap
Securities Inc., whereby the Underwriters have now agreed to purchase,
on a bought deal basis, 10,000,000 common shares (the "Common Shares")
from treasury of the Company at a purchase price (the "Issue Price") of
$0.30 per Common Share for gross proceeds of $3,000,000 (the
"Offering"), previously $0.35 per Common Share for gross proceeds of
$5,000,000. The Company also grants the Underwriters an option to
purchase up to an additional 1,667,000 Common Shares at the Issue Price
exercisable up to 48 hours prior to closing of the Offering for
additional gross proceeds of up to $500,100.
The net proceeds of the Offering will be used for exploration at the
Company's Golden Highway project, working capital and general corporate
purposes.
The Offering will be made by way of private placement to accredited
investors in all provinces of Canada. The Offering is expected to close
on or about March 27, 2012, and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals
including the approval of the Toronto Stock Exchange and the relevant
securities regulatory authorities. The Common Shares will be subject to
a four-month hold period.
About Moneta
Moneta holds a 100% interest in 5 core projects strategically located
along the Destor Porcupine Fault Zone in the world class Timmins Camp
with excellent infrastructure including access roads, water,
electricity, and mills. The land position is one of the largest - after
three gold producers - including the highly prospective Golden Highway
Project which contains an Indicated resource of 1.07 million ounces
gold (NI 43-101) and an Inferred resource of 2.07 million ounces gold
(NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt
along the Destor Porcupine Fault Zone, similar to that which has hosted
the bulk of the 75 million ounces mined to date in the Timmins Camp.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless an exemption from such registration is available.
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Toronto Stock Exchange)
accepts responsibility for the adequacy or accuracy of this release.
<p> Ian C. Peres, President & CEO<br/> 416-579-3040 (Toronto) <br/> 705-264-2296 (Timmins)<br/> <a href="mailto:iperes@monetaporcupine.com">iperes@m</a><a href="mailto:iperes@monetaporcupine.com">onetaporcupine.com</a> </p>