Torchlight energy merger pro#

“We are very excited to sign the definitive agreement with Metamaterial,” stated John Brda, Torchlight’s CEO.

Torchlight energy merger pro#

Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlight’s oil and gas assets that occurs on the earlier of December 31, 2021 or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlight’s remaining oil and gas assets, subject to certain conditions. 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. (“Metamaterial” or “META”) (CSE: MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing on December 14, 2020 of a definitive agreement negotiated at arm’s length for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the “Transaction”). (NASDAQ: TRCH), an oil and gas exploration company (“Torchlight”) and Metamaterial Inc. 14, 2020 /CNW/ – Torchlight Energy Resources, Inc. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing