/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
NEX Exchange Trading Symbol: MOE.H
VANCOUVER, March 30, 2018 /CNW/ - Metropolitan Energy
Corp. (the "Company") is pleased to report that the
previously announced consolidation (the "Consolidation") of
its common shares on the basis of one (1) post-Consolidation common
share for every ten (10) pre-Consolidation common shares has been
completed effective March 29, 2018.
In connection with the Consolidation, trading of the Company's
pre-Consolidation shares has been halted and trading of the
Company's common shares will commence on the NEX board of the TSX
Venture Exchange (the "NEX") on the opening of April 4, 2018.
The Company is also pleased to announce that, concurrent with
the effective date of the Consolidation, the net proceeds of the
Company's previously announced non-brokered private placement (the
"Private Placement") of units of the Company
("Units"), shall be released to the Company from trust and
the Company shall be issuing the 10,000,000 Units to the respective
subscribers thereof. Each Unit is comprised of one (1) common share
in the capital of the Company and one transferable common share
purchase warrant of the Company at a price of $0.25 per share expiring twelve (12) months from
the date of issuance.
The net proceeds of the Private Placement 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 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 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.