Mr. Drew Green reports

MONAGHAN CAPITAL FUND LTD. ANNOUNCES EFFECTIVE DATE OF NAME CHANGE AND PROVIDES UPDATE WITH RESPECT TO POTENTIAL QUALIFYING TRANSACTION WITH MATADOR GOLD TECHNOLOGIES

Further to the press release dated June 29, 2023, Monaghan Capital Fund Ltd. (formerly, Gravitas III Capital Corp.) will change its name from Gravitas III Capital Corp. to Monaghan Capital Fund Ltd., effective July 12, 2023, on the TSX Venture Exchange. Such name change remains subject to the approval of the exchange.

Trading in the common shares of the company continues to be halted at the request of the company. Pending exchange approval, once the halt has been lifted, the company's common shares will be eligible to commence trading on a postname change basis under the new trading symbol EIRE.

Proposed trading symbol:  EIRE

New Cusip:  609002100

New ISIN:  CA6090021008

Also, further to the press releases dated March 13, 2023, April 6, 2023, May 31, 2023, June 6, 2023, and June 29, 2023, the company is pleased to announce that it and Matador Gold Technologies Inc., a corporation incorporated under the laws of the Province of Ontario, continue to work diligently toward completion of the proposed transaction between the company and Matador, which would, if completed, result in the reverse takeover of the company by Matador and constitute the company's qualifying transaction (as such term is defined in Policy 2.4 (Capital Pool Companies) of the exchange), and currently expect to enter into a definitive agreement in respect of the proposed transaction by the new mutually agreed deadline of July 19, 2023.

There can be no assurance that the proposed transaction will be completed on the terms proposed or at all.

Trading in the common shares of the company continues to be halted at the company's request, and the halt is expected to continue pending the negotiation of the definitive agreement and the exchange's review and acceptance of materials for the proposed transaction.

Sponsorship of a qualifying transaction (as such term is defined in Policy 2.4) is required by the exchange unless a waiver from the sponsorship requirement is obtained. The company intends to apply for a waiver from sponsorship for the proposed transaction. There is no assurance that a waiver from this requirement will be obtained.

About Matador Gold Technologies Inc.

Matador is disrupting and modernizing the gold buying, storage and selling experience in Canada and beyond. Matador's proprietary mobile application allows users to buy and sell real gold instantly from your smart phone, with the added security and flexibility of an encrypted mobile application. Combining the best of modern technology, Matador is injecting modernization into this asset class to improve the gold dealing experience and bring it into the 21st century. Matador is also bringing to market new blockchain-enabled technologies that will bring transparency, value and utility to customers on the platform.

About Monaghan Capital Fund Ltd.

The company was incorporated under the Business Corporations Act (British Columbia) on July 6, 2021, and is a capital pool company (as such term is defined in Policy 2.4) listed on the exchange. The company has no commercial operations and no assets other than cash. On June 21, 2023, the company changed its name to Monaghan Capital Fund Ltd.

Further information

The company plans to issue additional press releases, including a comprehensive news release in accordance with the policies of the exchange, providing further details in respect of the proposed transaction, the definitive agreement, including its date, a description of the proposed significant assets (as such terms are defined in Policy 2.4), the officers, directors, insiders and principals (as such terms are defined in Policy 2.4) of the resulting issuer from the proposed transaction, whether shareholder approval is required in connection with the proposed transaction, and other material information as it becomes available.

We seek Safe Harbor.