TRCH - Torchlight Metamaterial announce business combination

Torchlight Energy Resources (TRCH) and Metamaterial Inc. (MMATF) enters into a non-binding LOI.Pursuant to LOI, TRCH to acquire 100% of META and to divest within the 1H21 Torchlight's oil and gas assets for the benefit of Torchlight's shareholders.Upon completion of the 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 TRCH into the multi-billion-dollar Advanced Materials market as a global cleantech and technology leader.TRCH intends to issue a special dividend to Torchlights' shareholders at closing.Shares of TRCH +21%.Press Release

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Torchlight, Metamaterial announce business combination