Metropolitan Energy Corp. plans to undertake a 1-for-6 share consolidation, after receiving shareholder approval in July.

The company also expects to raise aggregate gross proceeds of up to C$750,000 from a private placement comprising up to 11,111,111 post-consolidated common shares at 6.75 cents apiece.

Metropolitan will consolidate its shares immediately prior to the closing of the offering, it said Sept. 26.

Proceeds will be used to pay a portion of existing debt as well as to evaluate acquisition opportunities and for general working capital.