TIMMINS, ON, March 27, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME)(OTC:MPUCF)(XETRA:MOP) (the
"Company") announces the completion of its previously announced brokered private
placement financing (Press Release March 16, 2012) consisting of the
sale and issue of 10,000,000 common shares at $0.30 per share for
aggregate gross proceeds of $3,000,000 (the "Offering") by Stonecap
Securities Inc., as the lead underwriter of a syndicate including
Industrial Alliance Securities Inc.
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 common shares issued under the Offering are subject to a
four month hold period in Canada.
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 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.
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@monetaporcupine.com</a> </p>