Moneta Gold closes $15.4M bought deal to fund Tower exploration

Moneta Gold's Tower gold property, 100 km east of Timmins, Ontario. Credit: Moneta Gold

Moneta Gold (TSX: ME; OTC: MEAUF) has closed its previously announced and upsized bought deal private placement for aggregate gross proceeds of $15.4 million. The offering, which was oversubscribed, consists of 6 million flow-through common shares at an issue price of $2.40 per share and 608,000 shares at $1.64 per share.

The financing was led by Stifel GMP, on behalf of itself and a syndicate of underwriters that included Haywood Securities, iA Private Wealth, Paradigm Capital, and Sprott Capital Partners.

“The successful closing of our upsized and oversubscribed financing has strengthened our balance sheet, allowing Moneta to continue de-risking the Tower gold project,” Gary O’Connor, president, CEO and director of Moneta, said.

Located 100 km east of Timmins, Ont., the Tower gold property is comprised of two adjacent gold deposits: Golden Highway and Garrison. The project currently hosts a combined mineral resource estimate of 4.3 million oz. indicated (147 million tonnes at 0.9 g/t) and 7.5 million oz. inferred (220 million tonnes at 1.06 g/t), both open pit and underground.

Moneta’s 2022 drill program is primarily designed to infill and upgrade the Tower project’s resource categories. An updated preliminary economic assessment for the entire project is expected to be completed in the third quarter of 2022.

Moneta shares were trading at $1.93 as of Thursday afternoon in Toronto. Its shares traded in a 52-week window of $1.43 and $2.97. It has a market cap of $183 million. 

Print

Be the first to comment on "Moneta Gold closes $15.4M bought deal to fund Tower exploration"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close