Metal Energy Corp. has closed its strategic share offering, raising approximately C$490,000 in gross proceeds to preserve the equity stakes of major backers Centerra Gold Inc. and Teck Resources Limited under their respective investor rights agreements.

Under the transaction, Metal Energy issued 550,000 common shares at a price of C$0.89 per share, allowing both strategic investors to maintain their respective 9.9% equity interests in the company. The financing agreement included no warrants and incurred no finder's fees.

The company intends to allocate the proceeds toward general corporate and working capital requirements. Final approval from the TSX Venture Exchange remains pending for the transaction, and the newly issued shares carry a statutory four-month and one-day hold period from the date of issuance.

The financing supports corporate activities alongside Metal Energy's ongoing field operations at the NIV project. The flagship copper-gold-molybdenum asset spans more than 12,500 hectares across the NIV and West NIV claim blocks in British Columbia's Toodoggone District, located 32 kilometres south of Centerra Gold's Kemess mine complex.

Field work at the property is currently active as part of an inaugural 6,000-metre drill campaign designed to test the underlying mineral systems. Metal Energy anticipates receiving the initial set of assay results from the ongoing program as drilling progresses across the tenure.

Read the full announcement: Metal Energy Closes Additional Investment from Strategic Investors