Special Dividend Intended to be Issued to Torchlight Shareholders at Closing
PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 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 the execution of a non-binding letter of intent (“LOI”, signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight’s oil and gas assets for the benefit of Torchlight’s legacy shareholders (the “Proposed Transaction”). Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity.
The Proposed Transaction represents a strategic shift for Torchlight. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. META has an extensive intellectual