Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) has finalized a non-brokered private placement, generating $640,000 in gross proceeds. The funding will advance the SourceRock Lithium Brine Project in Ontario. CEO, James Sykes, and Chairman, Stephen Stewart both contributed to the placement.
Lithium Brine Exploration at SourceRock
Metal Energy’s SourceRock project targets prospective lithium brines in northwestern Ontario’s Thunder Bay-Nipigon region. Covering 913 square kilometres with robust infrastructure, the project is poised for extensive exploration work.
Details of the Offering
Each of the 12.8 million flow-through units sold includes one common share and half a common share purchase warrant, exercisable over 36 months. Canadian securities laws impose a four-month plus one day hold period on the shares and warrants.
Use of Proceeds
The net proceeds will be directed towards exploration activities at SourceRock. Furthermore, finders fees were awarded for the facilitation of this placement.
Insider Participation and Policies
A portion of the offering was allocated to James Sykes and Stephen Stewart, adhering to regulatory exemptions and corporate governance standards.
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About Metal Energy Corp.: Metal Energy leads in exploring battery metals within Canada, including the Manibridge and SourceRock projects. The company aims to acquire 100% exploration rights to SourceRock.
James Sykes, CEO
This deployment is in regulation with Canadian securities legislation and the TSX Venture Exchange.
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