Home > News > Moneta Announces Company...

Moneta Announces Company Name Change to Moneta Gold and Completion of Share Consolidation

Aug 25, 2021

Moneta Porcupine Mines Inc. has changed its name to Moneta Gold Inc. Concurrently with this name change, the company has completed its previously announced consolidation of its issued and outstanding common shares at a ratio of six pre-consolidation common shares to one post-consolidation common share (the "Consolidation"). 

Moneta Gold Inc.

The Company's new corporate rebranding and name change to Moneta Gold reflect a strong focus on the expansion and development of its Tower Gold project, one of the largest undeveloped gold projects in North America. The name change to Moneta Gold is effective immediately and the Company's website will be changed to www.monetagold.com

Gary O'Connor, CEO of the Company, commented, "Our new name reflects our focus to establish Moneta Gold as one of Canada's premier gold companies that brings value to our shareholders and continued benefits to all stakeholders. Moneta is one of the longest listed companies on the Toronto Stock Exchange. As such, the company wants to preserve the name Moneta as well as highlight our focus on developing new and enlarged underground and open pit gold resources in this prolific gold camp. We look forward to providing new drill results and updated mineral resource estimates in the coming months."

Share Consolidation

As Moneta continues to grow and demonstrates its potential to expand mineral resources and the value of its deposits, it was evident that the Company would benefit from a common share consolidation to attract larger institutional investors as well as qualifying to list on larger stock exchanges. The Consolidation has reduced the number of issued and outstanding common shares from 559,221,609 to 93,203,602. No fractional common shares were issued, and no cash consideration was paid, in connection with the Consolidation. If, as a result of the Consolidation, a holder of common shares was otherwise entitled to a fractional common share, such fraction was rounded down to the nearest whole number and each holder of common shares who otherwise would have been entitled to receive a fractional common share received no further interest in the Company with respect to its fractional common share. As is customary, to reflect the Consolidation, all outstanding warrants and incentive stock options will be adjusted to increase their exercise price by a factor of six and to reduce the number of common shares issued upon exercise by dividing by six. 

The Company expects common shares to begin trading on a post-Consolidation basis on the Toronto Stock Exchange as of the opening of trading on or about August 26, 2021.

Tags: Northern Ontario / Press Releases / Gold / All Articles