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CALGARY, AB, March 25, 2026 /CNW/ - Metatek-Group Ltd. ("Metatek" or the "Company") (TSX: MTEK) announced today the closing of its initial public offering (the "Offering") of common shares (the "Common Shares") at a price of C$5.00 per share (the "Offering Price"). The Offering consisted of a treasury offering of 7,000,000 Common Shares, for total gross proceeds to the Company of approximately $35.0 million, and a secondary offering of 1,000,000 Common Shares at the Offering Price, for aggregate gross proceeds of approximately $5.0 million.
"This IPO comes at a timely moment, as the growing global focus on energy security, critical minerals and supply chain resilience is driving increased demand for our solutions. With this capital, we are well positioned to accelerate our next phase of growth as we expand our global airborne geoscience capabilities and advance a strong pipeline of developments", said Dr. Mark Davies, Chief Executive Officer of Metatek.
The Offering was made through a syndicate of underwriters led by Canaccord Genuity Corp., as sole bookrunner, and including CIBC Capital Markets, Scotiabank, ATB Capital Markets, Roth Canada, Inc., Beacon Securities Limited and Research Capital Corporation (collectively, the "Underwriters").
PillarFour Capital Fund II LP, PillarFour Capital Parallel Fund II LP and certain of their limited partners (the "Over-Allotment Selling Shareholders") have granted the Underwriters an over-allotment option, exercisable in whole or in part from time to time for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,200,000 Common Shares at the Offering Price for additional gross proceeds of up to $6.0 million to the Over-Allotment Selling Shareholders, if the over-allotment option is exercised in full. The Company will not receive any proceeds if the over-allotment option is exercised.
The Company expects to use the full amount of the net proceeds received from the treasury offering to repay all amounts outstanding under its credit facility, for near-term milestone payments towards the purchase of two new eFTG systems, towards refurbishment costs of an iFTG system and for working capital and general corporate purposes.
The Common Shares began trading on the Toronto Stock Exchange on March 25, 2026, under the symbol "MTEK".
The Offering was completed pursuant to the Company's supplemented PREP prospectus dated March 18, 2026 (the "Prospectus"), filed with the securities regulators in each of the provinces of Canada, except Québec, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
No securities regulatory authority has either approved or disapproved the contents of this press release. The Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.
Early Warning Report
Immediately prior to the closing of the Offering, PillarFour Capital Fund II LP and PillarFour Capital Parallel Fund II LP ("PillarFour") beneficially owned and controlled 8,749,999 Common Shares (or approximately 28.5% of all outstanding Common Shares). Following the closing of the Offering, PillarFour, would own and control approximately 12,888,806 Common Shares, representing approximately 26.3% of all outstanding Common Shares and a decrease in PillarFour's interest in the Company by 2.2%.
Immediately prior to the closing of the Offering, Dr. Mark Davies, through certain of his affiliates ("Davies") beneficially owned and controlled 8,505,982 Common Shares (or approximately 27.7% of all outstanding Common Shares). Following the closing of the Offering, Davies, through certain of his affiliates, would own and control 8,505,982 Common Shares, representing approximately 17.3% of all outstanding Common Shares and a decrease in Davies' interest in the Company by 10.4%.
In the future, PillarFour or Davies may discuss with management and/or the board of directors of the Company any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103 - The Early Warning System and Related Take-over Bid and Insider Reporting Issues and either may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the Company, in such manner as they deem advisable to benefit from changes in market prices of the Company's securities, publicly disclosed changes in the operations of the Company, its business strategy or prospects or from a material transaction of the Company.
Early warning reports will be filed by PillarFour and Davies in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca or may be obtained directly from Caitlin Elwell of PillarFour upon request at [email protected] or from [email protected] in respect of Davies.
PillarFour's head office is located at 1450, 645-7th Avenue SW, Calgary Alberta, Canada T2P 4G8, and its registered and records office is located at 4600, Eighth Avenue Place East, 525 8th Avenue SW, Calgary, Alberta T2P 1G1.
PillarFour Capital is a Private Equity Fund focused on investments in energy services, products and technologies.
Metatek's head office is located at 35-36 Linford Forum, Rockingham Drive, Linford Wood, Milton Keynes, MK14 6LY, and its registered and records office is located at 4600, Eighth Avenue Place East, 525 8th Avenue SW, Calgary, Alberta T2P 1G1.
About Metatek
Metatek is a United Kingdom-based geophysical services company providing high-definition mapping of subsurface strategic and critical mineral natural resources, energy (including hydrocarbons), helium and hydrogen, for exploration and development. Unlike traditional exploration companies that rely solely on invasive or slow-moving technologies such as seismic surveys, Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land, and sea environments. Metatek supports national energy security and fast-tracking of the discovery of hydrocarbons, minerals essential for sustainable power, such as lithium, nickel, and copper, as well as identifying reservoirs for natural hydrogen and geothermal energy.
To learn more, please visit: www.metatek-group.com
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions, and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Preliminary Prospectus filed on SEDAR+. Actual results could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and Metatek does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
SOURCE Metatek-Group Ltd.
For further information: Nicholas Morgan, Chief Financial Officer, +44 1908 667014, [email protected]
