/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE U.S./
NEX Exchange
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.
Stock Options
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.