Metropolitan Energy Corp. Announces Closing of its Previously Announced Private Placement

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NEX Exchange
Trading Symbol: MOE.H

VANCOUVER, March 21, 2018 /CNW/ - Metropolitan Energy Corp. (the "Company") is pleased to announce that it has, subject to final approval of the NEX board of the TSX Venture Exchange (the "NEX"), closed its previously announced non-brokered private placement (the "Private Placement") of units of the Company ("Units"), pursuant to which, the Company issued an aggregate of 10,000,000 Units for gross proceeds of $750,000.  Each Unit is comprised of one (1) common share in the capital of the Company (a "Common Share") and one (1) transferable common share purchase warrant of the Company (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one (1) Common Share at a price of $0.25 per share expiring twelve (12) months from the date of issuance.

Pursuant to the terms and conditions of the Private Placement, the proceeds shall be held in trust by a law firm until the earlier of the completion of the Company's previously announced consolidation (the "Consolidation") or March 31, 2018.  If the Consolidation is not completed by March 31, 2018, the proceeds of the Private Placement shall be returned to the respective subscribers of the Units.

The net proceeds of the Private Placement, if released to the Company, 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 certain conditions, including but not limited to, the Company completing the Consolidation by March 31, 2018 and 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 inability of the Company to complete the Consolidation prior to March 31, 2018 or at all, 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.