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Supplemented PREP prospectus and any amendment will be accessible through SEDAR+ within two business days. 

CALGARY, AB , March 18, 2026 /CNW/ - Metatek-Group Ltd. ("Metatek" or the "Company") announced today that it has obtained a receipt for its final base PREP prospectus dated March 17, 2026 filed with the securities regulatory authorities in each of the provinces of Canada, except Québec (the "Final Prospectus"), and has entered into an underwriting agreement in connection with its initial public offering of common shares ("Common Shares") of the Company (the "Offering").

The Offering consists of a treasury offering of 7,000,000 Common Shares at a price of $5.00 per share (the "Offering Price"), for total gross proceeds to the Company of $35.0 million, and a secondary offering of 1,000,000 Common Shares at the Offering Price, for aggregate gross proceeds of $5.0 million. The Company will not receive any proceeds from the secondary offering. The Offering is expected to close on or about March 25, 2026, subject to customary closing conditions.

The Offering is being made through a syndicate of underwriters led by Canaccord Genuity Corp., as sole bookrunner, and CIBC Capital Markets, Scotia Capital Inc., ATB Capital Markets Corp., Roth Canada, Inc., Beacon Securities Limited, Research Capital Corporation (collectively, the "Underwriters").

Certain funds managed by PillarFour Capital Partners Inc. ("PillarFour") and certain limited partners of PillarFour have granted the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,200,000 Common Shares from PillarFour at the Offering Price for additional gross proceeds of up to $6.0 million if the over-allotment option is exercised in full. The Company will not receive any proceeds if the over-allotment option is exercised.

The TSX has conditionally approved the listing of the Common Shares, subject to fulfilling customary TSX requirements. The Common Shares are expected to begin trading on the Toronto Stock Exchange (the "TSX") on an "if, as and when issued basis" on March 19, 2026 under the symbol "MTEK".

The Company is also pleased to announce that it has entered into a new contract with an existing customer for a two year contract period, which has resulted in an increase in the Company's adjusted backlog from US$46 million to US$68+ million and the amounts under definitive contracts from US$17.3 million to US$39.7 million, as disclosed in the Final Prospectus.

The supplemented PREP prospectus, containing pricing information and other important information relating to the Company, the Common Shares and the Offering and any amendment will be accessible within two business days under the Company's profile on SEDAR+ at www.sedarplus.ca. Access to the supplemented PREP prospectus is provided in accordance with securities legislation relating to procedures for providing access to a supplemented PREP prospectus. An electronic or paper copy of the supplemented PREP prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing the contact with an email address or address, as applicable.

No securities regulatory authority has either approved or disapproved the contents of this news release. The securities under the Offering 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) or to, or for the account or benefit of, U.S. Persons (as defined in 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.

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, including statements with regard to the closing of the Offering, the filing of the supplemented PREP prospectus and the listing of the Common Shares on the TSX. 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 Final 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.

NON-IFRS FINANCIAL MEASURES

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from Management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. The Company uses non-IFRS measures and industry metrics, including "adjusted backlog", to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to evaluate the effectiveness of our business strategies, to make budgeting decisions and to compare our performance against that of other peer companies using similar measures. Management believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Prospective investors should review this information in conjunction with the financial statements of the Company included in Appendix "A" to the Final Prospectus, as well as "Appendix B – Management's Discussion & Analysis". See "Appendix B – Management's Discussion & Analysis – Non-IFRS Measures" for a reconciliation of the non-IFRS measures referred to above to their most directly comparable measures calculated in accordance with IFRS.

SOURCE Metatek-Group Ltd.