Monumental Energy closes CAD$3.05 million private placement

Monumental Energy Corp. (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) completed a non-brokered private placement raising CAD$3,053,662 through the sale of 33,929,583 units at CAD$0.09 per unit, according to a company statement.

Each unit consists of one common share and one transferable warrant exercisable at $0.15 per share for two years from the closing date. The company paid $175,451 in cash commissions to brokers and finders and issued 1,949,453 non-transferable finder warrants with varying exercise prices and terms.

Monumental plans to use the proceeds to fund oil and gas workover projects with New Zealand Energy Corp. and L&M Energy, maintain reserves for potential asset acquisitions and due diligence for new drilling operations, develop technical capabilities, and cover general working capital and corporate expenses.

All securities issued are subject to a four-month and one-day statutory hold period under Canadian securities laws and TSX Venture Exchange policies. The private placement requires final approval from the exchange.

The company also announced plans to reprice 4,371,923 warrants originally issued on February 28, 2025, subject to exchange approval. The warrants, which currently have an exercise price of $0.25 per share until February 28, 2028, would be repriced to $0.175 per share. None of these warrants have been exercised and no insiders hold any of these securities.

Monumental Energy focuses on exploration and development in critical and clean energy sectors, with operations concentrated in New Zealand's onshore Taranaki Basin targeting oil production and natural gas development.

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