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Moneta Porcupine Mines Inc
Symbol C : ME
Shares Issued 167,772,420
Close 2012-12-10 C$ 0.28
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Moneta Porcupine Mines arranges $7-million financing

2012-12-11 09:24 ET - News Release

Mr. Ian Peres reports

MONETA PORCUPINE MINES ANNOUNCES $7.0 MILLION BOUGHT DEAL FINANCING

Moneta Porcupine Mines Inc. has entered into an agreement with Haywood Securities Inc., pursuant to which a syndicate of underwriters led by Haywood will purchase flow-through common shares and common shares of the company at a price of 35 cents per flow-through share and 26 cents per common share for gross proceeds of $7-million.

In addition, the company will grant the underwriters an option to sell additional flow-through shares at 35 cents to raise additional gross proceeds of up to $2-million.

The proceeds received by the company from the sale of the flow-through shares will be primarily used to incur Canadian exploration expenditures that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's Golden Highway project, which will be renounced to the subscribers with an effective date no later than Dec. 31, 2012, in the amount of not less than the total amount of the gross proceeds raised from the issue of flow-through shares. The net proceeds from the sale of common shares will be used for working capital and general corporate purposes.

Closing of the offering is anticipated to occur on or about Dec. 31, 2012, and is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange. The offered securities will be subject to a four-month hold period under applicable securities laws in Canada.

We seek Safe Harbor.

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