Torchlight Energy Resources Inc

+0.21 (+10.88%)
4:41:41 PM EDT: $2.11 -0.03 (-1.40%)
Debt Financing / Related, Officer Changes, Earnings Announcements

Torchlight Announces Planned Business Combination With Metamaterial

Published: 09/21/2020 13:40 GMT
Torchlight Energy Resources Inc (TRCH) - Torchlight and Metamaterial Announce Planned Business Combination.
Torchlight Energy Resources Inc - Special Dividend Intended to Be Issued to Torchlight Shareholders at Closing.
Torchlight Energy Resources Inc - Upon Completion of Proposed Transaction, Shareholders of Meta Are Expected to Hold a 75% Interest in Combined Entity.
Torchlight Energy - Ownership Split Assumes Combined Co Has Financing of $10 Million/more Net of Torchlight's Debt Prior to Business Combination Closing.
Torchlight Energy Resources - Combined Co Shall Use Commercially Reasonable Efforts to Cause Torchlight Oil & Gas Assets to Be Sold by June 30th, 2021.
Torchlight Energy Resources - Following Closing of Transaction Board of Directors of Combined Company Shall Be Comprised of 7 Members.
Torchlight Energy Resources - Meta's Ceo, George Palikaras to Be Appointed CEO of Combined Company, Along With Appointment of a New Cfo.