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Metamaterial Inc. closes business combination with Torchlight Energy Resources, Inc.

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Metamaterial Inc.

On June 28, 2021 Metamaterial Inc., a developer of high-performance functional materials and nanocomposites, today announced closing of the business combination with Torchlight Energy Resources, Inc. (“Torchlight”). The business combination was implemented by way of a plan of arrangement under the Business Corporations Act (Ontario), whereby each share of Metamaterial Inc. was exchanged for 1.845 shares of Torchlight. 

Upon closing, the following operational changes were effected. The combined company was renamed Meta Materials Inc. The executives of Meta Materials Inc., include George Palikaras, President and CEO, and Ken Rice, Chief Financial Officer and Executive Vice President. Torchlight’s CEO, John Brda, will remain as an advisor to manage the disposal of the oil and gas assets of Meta Materials Inc.. The board of directors of Meta Materials Inc. was expanded to seven members, including Ram Ramkumar, Chairman, George Palikaras, Allison Christilaw, Maurice Guitton, Ken Hannah, Steen Karsbo, and Eric Leslie. At closing, the combined company had a market capitalization of approximately US$2 billion.

Fasken advised Metamaterial Inc. with a team led by John Sabetti that included, Tracy Hooey, Markus Liik, Rachel Charney, Zach Austin and Arie van Wijngaarden (Corporate), as well as Chris Steeves and Devon Labuik (Tax).


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