Monumental Minerals Corp. (TSX-V: MNRL) (FSE: BE5) (OTCQB: MNMRF) announces that it has closed a non-brokered private placement for gross proceeds of $988,050, consisting of 5,646,000 units of the Company at a price of $0.175 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each whole Warrant entitles the holder to acquire one Share at a price of $0.30 per Share for a period of three years following the closing of the Private Placement.
Dr. Jamil Sader, CEO of Monumental comments:
“We are pleased to welcome our new strategic investors. They are highly respected and experienced and we look forward to leveraging their extensive expertise in mining and capital markets.”
Monumental intends to use the proceeds of the Private Placement to conduct work on its projects, as well as for general working capital purposes. The Private Placement is subject to the final acceptance of the TSX Venture Exchange. The Shares issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the closing of the Private Placement. No finder’s fees are payable in connection with the Private Placement.
Pursuant to the Company’s option agreement dated October 5, 2022 with Lithium Chile Inc. (TSX-V: LITH) to acquire a 50.01% interest in the Salar de Turi project (see the Company’s news release dated October 6, 2022), the Company issued 1,050,000 common shares to Lithium Chile Inc. In addition to the statutory hold period of four months and one day from the date of issuance, the Payment Shares are subject to a 12-month voluntary hold period from the date of issuance.
The Company also announces the granting of incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate 694,600 common shares of the Company at a price of $0.20 per common share for a period of three years, with the Options vesting immediately.
About Monumental Minerals Corp.
Monumental Minerals Corp. is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties in the critical and electric metals sector. The Company’s flagship asset is the Jemi HREE project located in Coahuila, Mexico near the Texas, USA border which the Company has an option to acquire 100% of the 3,650-hectare project. 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.
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