Monumental Energy (TSX-V:MNRG) has closed a private placement of 620,000 units to raise C$55,800 ($56,080) in gross proceeds.
The units, priced at C$0.09 each, each comprise one common share of the company and one share purchase warrant. The warrants can be exercised at C$0.15 per share for a period of two years.
Monumental says proceeds of the placement will be used for working capital.
The company’s portfolio is currently focused on oil and gas, through its investment in the near-term production potential of the Taranaki Basin of New Zealand.
It also has exposure to lithium through a 2% net smelter return royalty on Summit Lithium Technologies’ interest in the Salar de Turi project in Chile.
Monumental Energy is an explorer focused on acquiring, discovering, and developing properties in the critical and clean energy sectors.
Write to Jackson Chen at Mining.com.au
Image: Monumental Energy
