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Torchlight Eliminates $1,100,953 in Debt
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Torchlight Energy Resources, Inc.: Torchlight Eliminates $1,100,953 in Debt
PLANO, TX / ACCESSWIRE / December 23, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ( Torchlight ), announced today that the holders of $1,100,953 of Torchlight s subordinated debt have agreed to convert such debt into the common stock of Torchlight, with $500,000 of the subordinated debt converting at $0.43 per share, and $600,953 of the subordinated debt converting at a renegotiated conversion price of $0.50 per share, as compared to the original conversion price of $0.75. The conversion of this portion of Torchlight s debt is a positive step for the Company, stated John Brda, Chief Executive Officer of Torchlight. Not only is this progress toward the closing of Torchlight s proposed business combination with Metamaterial Inc., but we also believe it to be a good practice to clean outstanding debt off of our books.
Torchlight and Metamaterial Execute USD$500,000 Note
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Torchlight Energy Resources, Inc.: Torchlight and Metamaterial Execute USD$500,000 Note
PLANO, TX and HALIFAX, NS / ACCESSWIRE / December 18, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ( Torchlight ) and Metamaterial Inc. ( META ) (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today that, in accordance with the terms of the previously announced business combination transaction (the Transaction ), Torchlight has loaned USD$500,000 to META pursuant to an unsecured convertible promissory note (the META Note ). The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. If the definitive agreement is terminated, Torchlight will have the right to convert the principal amount of the META Note and all accrued interest thereon into META common shares at $0.62 (CAD) per common share.
Metamaterial and Torchlight Provide Webcast Presentation of Business Combination
PLANO, TX and HALIFAX, NS / ACCESSWIRE / December 15, 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 that they have released a webcast presentation providing an overview of META and introducing George Palikaras, Chief Executive Officer of META.
The webcast presentation can be found by clicking the following link: http://public.viavid.com/index.php?id=142744
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About Metamaterial Inc. (META)
META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is an award winning Global Clean
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