Metatek-Group completes initial public offering of common shares for C$35 million

Torys acted as counsel to Metatek with a team that included Janan Paskaran, Jennifer Baugh, Aleem Merali and Logan Orr (corporate/securities) and Steve Marshall (tax).

On March 25, 2026, Metatek-Group Ltd. ("Metatek") announced the closing of its initial public offering of 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 Metatek of approximately C$35.0 million, and a secondary offering of 1,000,000 common shares at the offering price, for aggregate gross proceeds of approximately C$5.0 million.

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 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 C$6.0 million to the over-allotment selling shareholders, if the over-allotment option is exercised in full. Metatek will not receive any proceeds if the over-allotment option is exercised.

Net proceeds received from the treasury offering will be used by Metatek 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.

Further information can be found on Canada Newswire’s website.

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. Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land, and sea environments, 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.