Brief: Torchlight Announces Planned Business Combination With Metamaterial

Metamaterial

21/09/2020 14:35

Sept 21 (Reuters) - Torchlight Energy Resources Inc
 TRCH.O :
    * 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

Source text for Eikon:  ID:nCNWpq8LFa 
Further company coverage:  TRCH.O 

 ((Reuters.Briefs@thomsonreuters.com;))