Monumental Energy closes $810,000 financing

Executive Summary

• Monumental Energy Corp. closed an oversubscribed non‑brokered private placement of 16.2 million units at $0.05 per unit, generating gross proceeds of $810,000.
• Each unit includes one common share and one transferable warrant (exercise price $0.08, exercisable through 18 Nov 2028); finder warrants were also issued.
• Net proceeds will fund cost overruns on the Copper Moki 1 well, additional workover projects with New Zealand Energy Corp. and L&M Energy, and general working capital.

Key Details

• Placement size: 16.2 million units at $0.05 per unit → gross proceeds of $810,000.
• Unit composition: 1 common share + 1 transferable common‑share purchase warrant (exercise price $0.08, exercisable until 18 Nov 2028).
• Finder compensation: Cash commission of $38,850 paid to finders; issuance of 777,000 non‑transferable finder warrants (each for one additional common share at the issuer price, exercisable until 18 Nov 2028).
• Hold period: All shares, warrants and finder warrants subject to a four‑month‑plus‑one‑day hold from closing per Canadian securities law.
• Use of proceeds:
• Finance cost overruns on the Copper Moki 1 oil & gas well.
• Fund costs and expenses to formally enter into and finance additional workover projects with New Zealand Energy Corp. and L&M Energy.
• General working capital and corporate expenses.

Notable Quotes

No executive quotes were provided in the release.