MONUMENTAL ENERGY MAKES STRATEGIC INVESTMENT INTO NEW ZEALAND ENERGY CORP.
VANCOUVER, BC, Dec. 12, 2023 /CNW/ - Monumental Energy Corp. ("Monumental" or the "Company") (TSXV: MNRG) (FSE: BE5) (OTCQB: MNMRF) announces that it has filed an early warning report (the "Early Warning Report") in respect to its holdings in New Zealand Energy Corp. (TSXV: NZ) ("NZ") in conjunction with its market expansion focused on sustainable, clean energy.
Pursuant to NZ's $2,058,778 non-brokered private placement completed on December 12, 2023 (the "Private Placement") (see NZ's news release dated December 12, 2023), Monumental acquired 1,000,000 common shares of NZ (the "Shares") at a price of $0.38 per Share for a total subscription price of $380,000 representing approximately 12.92% of the total issued and outstanding shares of NZ. Proceeds from the Private Placement are intended to procure long lead items for the Tariki-5 well and to fund working capital.
Michelle DeCecco, interim CEO comments,
"Monumental's investment into NZ is driven by a growth plan that includes strategic alternatives that focus on sustainable, clean energy, analogous to our lithium projects. With an imminent strategy to explore, drill and produce gas into a fully operational production facility, taking a position in NZ was an exceptional opportunity for Monumental Energy."
Further information about New Zealand Energy Corp. is available at www.newzealandenergy.com and www.sedarplus.ca.
Prior to the completion of the Private Placement, Monumental did not own, directly or indirectly, or exercise control or direction over any securities of NZ. The acquisition of the Shares by Monumental was made for investment purposes. Subject to applicable laws, Monumental will continue to review its holdings of NZ's securities, and depending on market conditions, general economic conditions and industry conditions, NZ's business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the securities of NZ.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of the Early Warning Report. The Early Warning Report has been filed under Monumental's profile on SEDAR+ and can be viewed at www.sedarplus.ca.
Stock Options
The Company also announces the granting of stock options ("Options") to certain of its directors, officers, and consultants to purchase up to an aggregate 2,400,000 common shares of the Company at a price of $0.10 per share for a period of three years. The Options vest immediately.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sector. The Company has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile and a 50.01% interest in the Salar De Turi lithium project in Chile. The Company has an option to acquire a 100% interest in the Jemi HREE project located in Coahuila, Mexico near the Texas, USA border. The Company owns securities of New Zealand Energy Corp.
On behalf of the Board of Directors,
/s/ "Michelle DeCecco"
Michelle DeCecco, Interim Chief Executive Officer and Director
Contact Information:
Email: michelle@monumental.energy
Max Sali, VP Corporate Development and Director
Email: max@monumental.energy
Website: www.monumental.energy
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
Certain statements contained in this news release may constitute "forward–looking information or statements" within the meaning of applicable securities laws, including without limitation, statements relating to the technical, financial and business prospects of the Company, its projects, investments and other matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, approvals and authorizations, capital market conditions, restriction on labour and international travel and supply chains, increase in costs, volatility of commodity prices, litigation, and failure of counterparties to perform their contractual obligations. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
SOURCE Monumental Energy Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2023/12/c1188.html
