This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures." Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. "We believe this Transaction provides our shareholders with the best opportunity moving forward. "We are very excited to sign the definitive agreement with Metamaterial," stated John Brda, Torchlight's CEO. 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 Decemor 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 of a definitive agreement 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. PLANO, TX and HALIFAX, NS / ACCESSWIRE / Decem/ Torchlight Energy Resources, Inc. An earlier version misspelled his name.Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing CNBC's Lillian Rizzo contributed to this report.Ĭorrection: Rory McIlroy is a professional golfer. Pro golfer Rory McIlroy was one of the players that refused to join LIV as it fought with the PGA Tour, calling the Saudi venture a "money grab." But sports analysts note that whether he likes it or not, McIlroy now works for LIV, too - as does every pro in the PGA Tour, many of whom only learned about the merger via Twitter. It was paying for his following, for a new level of international reach to promote its image via one of the most-followed celebrities in the world. ![]() Saudi Arabia also lured soccer legends Cristiano Ronaldo and Karim Benzema with contracts worth hundreds of millions of dollars to play in local Saudi leagues, and it's expected to bid to host the 2030 World Cup.Īs one sports journalist pointed out at the time of Ronaldo's signing with Saudi team Al-Nassr, the kingdom wasn't paying top dollar just for a nearly retired athlete to play on its globally obscure team. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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