Metal Energy Corp (TSX-V:MERG, OTCQB:MEEEF) has announced plans to complete a non-brokered private placement for aggregate gross proceeds of $630,000.
The offering consists of flow-through (FT) units of the company at $0.05 per unit, with each unit comprising one common share and one-half of one common share purchase warrant. Each whole FT warrant is exercisable at $0.10 for 36 months from the closing of the offering, which is expected to be on or around December 18, 2023.
The company said the proceeds will be used for the upcoming program on its SourceRock Lithium Brine Project.