🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

BRIEF-Torchlight Announces Planned Business Combination With Metamaterial

Published 2020-09-21, 09:35 a/m
© Reuters.
MMAT
-

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.