META Closes Transaction and Commences Trading on NASDAQ
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Metamaterial and Torchlight Sign Definitive Agreement for Business Combination
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Torchlight Energy Resources, Inc.: Metamaterial and Torchlight Sign Definitive Agreement for Business Combination
Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing
PLANO, TX and HALIFAX, NS / ACCESSWIRE / December 14, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ( Torchlight ) and Metamaterial Inc. ( Metamaterial or META ) (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing of a definitive agreement for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the Transaction ). Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below.