Metatek raises C$35m in Toronto IPO to fund growth
Airborne geoscience company Metatek-Group has raised C$35-million through an initial public offering (IPO) on the TSX.
The company issued seven-million new shares at C$5.00 apiece, generating gross proceeds of about C$35-million, alongside a secondary sale of one-million shares for a further C$5-million.
Metatek’s shares began trading on March 25 under the ticker MTEK.
CEO Mark Davies said the listing comes at a time of heightened demand for geoscience services, driven by global focus on energy security, critical minerals and supply chain resilience.
“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,” he said.
Metatek said it intends to use the proceeds primarily to repay outstanding debt, fund the purchase of two new enhanced full tensor gradiometry (eFTG) systems, refurbish an existing iFTG system, and support working capital and general corporate purposes.
An over-allotment option has also been granted to underwriters to purchase up to an additional 1.2-million shares, potentially raising a further C$6-million for selling shareholders if exercised in full.
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