/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
Trading Symbol: MOE.H
VANCOUVER, May 11, 2018 /CNW/ -
Non-Brokered Private Placement
Metropolitan Energy Corp. (the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") of up to 2,142,857 Units ("Units") at a price of CDN$0.35 per Unit for gross proceeds of approximately CDN$750,000.00. Each Unit will be comprised of one common share of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share (a "Warrant Share") at a price of CDN$0.35 per Share for 60 days from the date of issuance.
The net proceeds of the Private Placement will be used for general working capital.
The securities issued in connection with the Private Placement will be subject to a hold period of four months and one day from the closing of the Private Placement. The Private Placement is subject to certain conditions, including approval of the NEX Board of the TSX Venture Exchange (the "NEX").
The Company may pay a commission or finder's fee to eligible parties in connection with the Private Placement, subject to the approval of the NEX, and compliance with applicable securities laws.
Board of Directors Resignation and Appointment
The Company announces that it has accepted the resignation of Michael Thomson from the Company's Board of Directors, effective May 10, 2018. The Company acknowledges Mr. Thomson for his contributions and wishes him the best with his future endeavours.
The Company is pleased to announce the appointment of Christopher Fenn to the Board of Directors of the Company effective May 11, 2018.
Mr. Fenn is the Co-Founder & General Partner of Wildhorse Capital Partners and board member of Subway Development Inc. Chris previously served as Managing Director & VP Operations of Oliver Capital Partners; Senior VP, Business Development/Operations for Gabriella's Kitchen, Operations Analyst of Subway Developments Inc, and Analyst, Investment Banking of Ubequity Capital Partners. Within each of these roles, Chris helped organizations achieve great success; helping Oliver Capital Partners raise over $100MM dispersed amongst four companies, increasing the operational capacity of Gabriella's Kitchen from $250K to $30MM in two years, and leading the restructuring of operations in Western Canada for Subway Developments.
The Company announces that in conjunction with the appointment of Mr. Fenn, the Company will be granting an aggregate of 200,000 stock options ("Options") to certain Directors or Officers of the Company. The stock options are exercisable at a price of CDN$0.35 for a period of five (5) years from the date of grant. The Company determined that this grant of options will adequately compensate management for their efforts.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jordan Shapiro - Director"
METROPOLITAN ENERGY CORP.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the terms of the Private Placement. The forward-looking statements in this press release are based on certain expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with adverse market conditions, the NEX not approving the Private Placement. Forward-looking statements are based on estimates and opinions of management of the Company at the time the statements are presented. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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 release.
SOURCE Metropolitan Energy Corp.
For further information: contact the company at 604.283.1722.