Torchlight urges you to consider those risks and uncertainties in evaluating its forward-looking statements. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. "In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to reach agreement on definitive agreements, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. We have an over 80% success rate, see our reports at whitediamondresearch.com. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. The last major purchase in the Permian Basin was in October 2020 when Conoco Phillips acquired Concho Resources in a $9.7 BN all stock transaction, adding 550,000 acres in the Permian basin and 200,000 b/d. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Looking forward to March 12th. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Post from CEO of Metamaterial saying first step of merger is complete. The closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including approvals by NASDAQ and the Canadian Securities Exchange (CSE), Canadian court approval, and approval by the shareholders of both companies. Copyright 2023 InvestorPlace Media, LLC. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. On December 14, 2020, the companies signed an agreement for the . Once the two companies combine, it will just be Metamaterial. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. They just received a 10m loan from Torchlight to continue this expansion. All articles are my opinion - they are not suggestions to buy or sell any securities. At this point I think their customer service reps probably have PhDs. They have been investing money into research and development, IP acquisitions and scaling their operations. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. META is changing the way we use, interact with, and benefit from light and other forms of energy. June 28 (Reuters) - Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources, which was at the center of huge speculative bets by small individual traders. We believe the reason for this is speculation over the merger and sale of the assets. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. Metamaterial is listed on the CSE. Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! Torchlight has assets focused in West andCentral Texaswhere their targets are established plays such as the Permian Basin. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. Just look at the share price and volume for Torchlight. I wrote this article myself, and it expresses my own opinions. There can be no assurances that a transaction will be consummated as a result of the LOI. The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. After the merger is complete META will be the company name and it will be listed on the NASDAQ. For additional information on Torchlight, please visitwww.torchlightenergy.com. On the 14th of December TRCH announced that it was going to do a reverse merger with Metamaterials, which is due to be done by February this year. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. Do you remember the GameStop (NYSE:GME) short squeeze? 2023 InvestorPlace Media, LLC. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. Is there a short squeeze? If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". PLANO, TexasandHALIFAX, NS,Dec. 14, 2020/CNW/ Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc. (Metamaterial or META) (CSE: MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing onDecember 14, 2020of a definitive agreement negotiated at arms length for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the Transaction). The process will essentially be TRCH starting all over again with the same assets, but not as a Nasdaq company anymore. Metamaterial shares available in Canada. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. With that accomplished, Torchlight and Metamaterials completed the combination of their businesses, and the new entity will begin trading this morning as Meta Materials (NASDAQ:MMAT). Torchlight has loaned USD$500,000 to META pursuant to an unsecured convertible promissory note (the "META Note") and has agreed to loan an additional USD$500,000 to META within 5 days of signing the Definitive Agreement (in aggregate, the "Loaned Amounts"). TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. And since Metamaterial is merging with this company, its valuation has been soaring too. "We look forward to driving significant value for shareholders in our mission to make every product smarter and more sustainable by utilizing the power of light and advanced materials.". Our Standards: The Thomson Reuters Trust Principles. Torchlight, Metamaterial and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight Shareholders in connection with the proposed business combination. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. His Substack newsletter,TLV Strategist, covers the Israel business scene. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. See here for a complete list of exchanges and delays. The Global Cleantech 100 is an annual guide to the leading companies and themes in sustainable innovation and features companies that are best positioned to solve tomorrow's clean technology challenges. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and. As well as the conversion of the company's debt to equity. CFO & EVP - Ken Rice has a JD, MBA and a Master of Laws in taxation, he works as in-house counsel and is charge of financing efforts and progressing Metas medical products initiatives. Of . They acquired this land at $10,471 per acre, this land was 74% proved and developed . InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Is there a short squeeze? CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. These statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "strategy," "goal," or "planned," "seeks," "may," "might", "will," "expects," "intends," "believes," "should," and similar expressions, or the negative versions thereof, and which also may be identified by their context. $12M is about the value of a clean empty shell Nasdaq listing. I have no business relationship with any company whose stock is mentioned in this article. All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. The following statements in the announcement confirm that TRCH is only worth 25% of Metamaterial's current market cap: The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. All rights reserved. Email:[emailprotected]. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Metamaterial shareholders may elect to receive either shares of Torchlight common stock or shares of a Canadian subsidiary of Torchlight, which will be exchangeable into Torchlight common stock (the Exchangeable Shares). Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. Oil prices are expected to rise to $80-$100 a barrel in the next six months. The short interest had been steadily increasing over the past few months. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlight's 2019 Annual Report on Form 10-K, filed on March 16, 2020 and Torchlight's other reports filed from time to time with the Securities and Exchange Commission. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy . Project in November for $ 450K, but that 's not a significant sum on small cap to! 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