The five teams will be Swansea/Neath, Pontypridd/Bridgend and Newport/Ebbw Vale with Cardiff and Llanelli standing alone.
"We have reached an unanimous agreement with the clubs in respect of the financial issues and hopefully now we can move forward," said Mr Moffett.
Derrick King, Chairman of the Association of Premier Division Clubs, said: "We are delighted, it is a huge relief. We now have to go away and talk to our players and our partners and pull together to ensure this is a huge success."
The details will be presented to ERC officials in Dublin tomorrow (Wednesday 2 April) to determine Wales' participation in the ERC tournaments.
Mr Moffett, WRU Director of Rugby Terry Cobner, Wales coach Steve Hansen and club representatives will now begin a round of meetings to decide upon the fine details of the structure, including the club names, colours and squads.
The five regions will be underpinned by a 16-team semi-professional league to be funded to the tune of #800,000 by the WRU.