Monumental Minerals Corp. Closes Strategic Placement Financing
MONUMENTAL MINERALS CORP. CLOSES
STRATEGIC PLACEMENT FINANCING
VANCOUVER, BC
,
March 3, 2023
/CNW/ - Monumental Minerals Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) announces that it has closed a non-
brokered private placement (the "
Private Placement
") for gross proceeds of
$988,050
, consisting
of 5,646,000 units of the Company ("
Units
") at a price of
$0.175
per Unit. Each Unit consists of one
common share of the Company ("
Shares
") and one common share purchase warrant of the
Company ("
Warrants
"). 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.
("
Lithium
Chile
") (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. (the "
Payment Shares
"). 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.
Stock Options
The Company also announces the granting of incentive stock options ("
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
.
On behalf of the Board of Directors,
/s/ "Jamil Sader"
Jamil Sader
,
Chief Executive Officer and Director
Contact Information:
Email:
Or
Max Sali
,
VP Corporate Development and Director
Email:
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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in
the United States
. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within
the United States
or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
Forward Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, the potential plans for the
Company's projects, other statements relating to the technical, financial and business prospects of
the Company, its projects and other matters. All statements in this news release, other than
statements of historical facts, that address events or developments that the Company expects to
occur, are forward-looking statements. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from those in the forward-
looking statements. Such statements are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals, that general business and economic
conditions will not change in a material adverse manner and that financing will be available if and
when needed and on reasonable terms. 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.sedar.com
.
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, failure to secure personnel and
equipment for work programs, adverse weather and climate conditions, risks relating to
unanticipated operational difficulties (including failure of equipment or processes to operate in
accordance with specifications or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government approvals, industrial
disturbances or other job action, and unanticipated events related to health, safety and
environmental matters), risks relating to inaccurate geological assumptions, failure to maintain all
necessary government permits, approvals and authorizations, failure to obtain surface access
agreements or understandings from local communities, land owners or Indigenous groups, fluctuation
in exchange rates, the impact of Covid-19 or other viruses and diseases on the Company's ability to
operate, an inability to predict and counteract the effects of COVID-19 on the business of the
Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital
market conditions, restriction on labour and international travel and supply chains, decrease in the
price of rare earth elements, lithium, cesium and other metals, loss of key employees, consultants,
or directors, failure to maintain community acceptance (including from the Indigenous communities),
increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or forward–looking information,
except as required by law.
SOURCE
Monumental Minerals Corp.
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CO: Monumental Minerals Corp.
CNW 20:15e 03-MAR-23