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MONUMENTAL ENERGY INCREASES STRATEGIC INVESTMENT IN NEW ZEALAND ENERGY CORP.
MONUMENTAL ENERGY INCREASES STRATEGIC INVESTMENT IN NEW ZEALAND ENERGY CORP. Canada New...
About this update from Monumental Energy Corp.
[{"type":"text","content":"\n\n \n \n \n MONUMENTAL ENERGY INCREASES STRATEGIC INVESTMENT IN NEW ZEALAND ENERGY CORP.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 10, 2024\n \n \n /CNW/ - Monumental Energy Corp. (\"\n \n Monumental\n \n \" or the \"\n \n Company\n \n \") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased to announce that it has increased its strategic investment in\n \n New Zealand\n \n Energy Corp. (TSXV: NZ) (\"\n \n NZ\n \n \").\n \n \n \n \n \n \n \n \n \n Pursuant to NZ's\n \n $5,000,000\n \n non-brokered private placement completed on\n \n May 9, 2024\n \n (the \"\n \n Private Placement\n \n \") (see NZ's news release dated\n \n May 9, 2024\n \n ), Monumental acquired an additional 293,333 common shares of NZ at a price of\n \n $0.75\n \n per share for a total subscription price of\n \n $220,000\n \n . Together with Monumental's initial investment in\n \n December 2023\n \n , the Company holds a total of 1,293,333 common shares of NZ which represents approximately 8.63% of NZ's issued and outstanding common shares.\n \n \n \n Maximilian Sali\n \n , VP Corporate Development and Director of Monumental comments:\n \n \n \"Since our initial investment at the end of last year, NZEC has made great progress in terms of preparation for oil well workovers at Copper Moki commencing in the second half of May, as well as the Tariki-5 gas development well scheduled for August. NZEC just closed an upsized\n \n $5M\n \n private placement with a lead order from Charlestown Energy Partners, LLC, which demonstrates the caliber of their assets and the promise of significant near-term progress with their proven and committed leadership team. Monumental now holds nearly\n \n 1.3M\n \n shares at an average cost base of\n \n $0.46\n \n , showing that Monumental has already seen significant value from this strategic investment. I look forward to NZEC's continued progress.\"\n \n \n According to NZ's news release, the net proceeds from the Private Placement will be used to advance ...