Monumental Energy Closes Private Placement Financing
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Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) announces that the Company has closed its non-brokered private placement (the “Private Placement”), consisting of 33,929,583 units (the “Units”) at a price of CAD$0.09 per Unit for gross proceeds of CAD$3,053,662. Each Unit is comprised of one common share of the Company and one transferable common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per share for a period of two (2) years from the closing date of the Private Placement.
In connection with the Private Placement, the Company paid in consideration of the services rendered by certain brokers and finders an aggregate cash commission of $175,451 and issued an aggregate of 1,949,453 non-transferable common share purchase warrants (the “Finder Warrants”), 540,555 of which are exercisable at a price of $0.15 per share for a period of two (2) years, 754,398 of which are exercisable at a price of $0.15 per share for a period of five (5) years, and 654,500 of which are exercisable to acquire one Unit at a price of $0.09 per Unit for a period of two (2) years, from the closing of the Private Placement.
