Metal Energy Corp. (MERG: TSXV) (MEEEF: OTCQB) (the “Company” or “Metal Energy”) is pleased to announce an update on its projects, as well as a corporate update.
New opportunities
Metal Energy continues to evaluate additional acquisition opportunities to build on its portfolio of high-quality assets in prolific mining jurisdictions such as the Highland Valley District and the Thompson Nickel Belt.
Company update
The Company is pleased to announce a consolidation of its outstanding Common Shares on the basis of one (1) new Common Share for every five (5) currently outstanding Common Shares.
Immediately prior to the consolidation, there are expected to be 141,346,980 shares of common stock issued and outstanding, and it is expected that there will be 28,269,396 shares of common stock after the consolidation, subject to rounding for any fractional shares.
The company’s name and trading symbol remain unchanged. A new CUSIP number of 591088208 (ISIN: CA5910882086) replaces the old CUSIP number.
The consolidation is expected to become effective on October 20, 2025 and is subject to TSX Venture Exchange approval.
The consolidation will take place on a “push-out” basis. Registered shareholders who hold stock certificates will receive a replacement certificate or a direct registration advisory representing their shares after the consolidation. Until surrendered for exchange after the effective date of the Consolidation, which is expected to be October 20, 2025, each share certificate previously representing pre-Consolidation shares will be deemed to represent the number of post-Consolidation whole shares to which the holder is entitled as a result of the Consolidation.
Holders of shares of the Company who hold uncertificated shares (i.e. shares held in book-entry form and not represented by a physical share certificate), whether as holders of record or as beneficial owners, will have their existing book-entry account(s) adjusted electronically by the Company’s transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees who hold shares on their behalf in street name. Such holders do not need to take any additional action to exchange their pre-consolidation shares for post-consolidation shares. If you hold your shares with such a bank, broker or other nominee, and if you have any questions about this, you are encouraged to contact your nominee.
The exercise or conversion price and the number of shares of common stock issuable under any of the Company’s outstanding warrants, stock options and other securities exercisable for or convertible into common stock will be adjusted proportionately to reflect the consolidation in accordance with their respective terms.
As a result of the share consolidation, no fractional shares will be issued. The number of shares to be received by a shareholder after consolidation will be rounded down in the case of a fractional interest that is 0.5 or more, or rounded down in the case of a fractional interest that is less than 0.5, to the nearest whole number of shares to which this holder would otherwise be entitled upon implementation of the share consolidation.
About Metal Energy
Metal Energy is a critical metals exploration company with two high-potential projects in politically stable Canadian jurisdictions: Manibridge (Ni-Cu-Co-PGE) (85% owned) in Manitoba and the recently acquired Highland Valley Project (Cu-Mo-Ag-Au-Re) (100% owned) in British Columbia.
Reader’s advice
Certain information in this press release contains forward-looking statements or information (“forward-looking statements”), including details about Metal’s business. All statements in this press release, other than statements of historical fact, that relate to events or developments that Metal Energy expects to occur are forward-looking statements, including, but not limited to, Metal Energy’s ability to earn the interest from the completion of the work obligations, or the exercise of the option. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Metal Energy’s control, including the impact of general economic conditions, industry conditions, commodity price volatility, currency fluctuations, environmental risks, operational risks, competition from other industry participants and stock market volatility. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, its forward-looking statements are based on factors and assumptions regarding future events that may prove to be inaccurate. These factors and assumptions are based on currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that may affect actual results or events and cause actual results or events to differ materially from those expressed, anticipated or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements as no assurance can be given as to future results, levels of activity or performance. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in Metal Energy’s public disclosure documents, available at www.sedar.com. Furthermore, the forward-looking statements contained herein are made as of the date hereof and, except as required by applicable law, Metal Energy undertakes no obligation to publicly update or revise the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270743
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