/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
NEX Exchange
Trading Symbol: MOE.H
VANCOUVER, March 21, 2018 /CNW/ - Metropolitan
Energy Corp. (the "Company") is pleased to announce that
it has, subject to final approval of the NEX board of the TSX
Venture Exchange (the "NEX"), closed its previously
announced non-brokered private placement (the "Private
Placement") of units of the Company ("Units"), pursuant
to which, the Company issued an aggregate of 10,000,000 Units for
gross proceeds of $750,000.
Each Unit is comprised of one (1) common share in the capital
of the Company (a "Common Share") and one (1) transferable
common share purchase warrant of the Company (a "Warrant").
Each whole Warrant entitles the holder thereof to purchase one (1)
Common Share at a price of $0.25 per
share expiring twelve (12) months from the date of issuance.
Pursuant to the terms and conditions of the Private Placement,
the proceeds shall be held in trust by a law firm until the earlier
of the completion of the Company's previously announced
consolidation (the "Consolidation") or March 31, 2018. If the Consolidation is not
completed by March 31, 2018, the
proceeds of the Private Placement shall be returned to the
respective subscribers of the Units.
The net proceeds of the Private Placement, if released to the
Company, will be used for general working capital.
Pursuant to applicable securities laws, all securities issued
pursuant to the Private Placement will be subject to a hold period
of four months plus one day following the date of issuance of such
securities.
Completion of the Private Placement is subject to certain
conditions, including but not limited to, the Company completing
the Consolidation by March 31, 2018
and final approval of the NEX.
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 inability of the Company to complete the
Consolidation prior to March 31, 2018
or at all, 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.