Torchlight and Metamaterial Execute USD$500,000 Note
TORCHLIGHT ENERGY (TRCH)
US:NASDAQ Investor Relations:
ir.torchlightenergy.com
Company Research
Source: Accesswire
PLANO, TX and HALIFAX, NS / ACCESSWIRE / December 18, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today that, in accordance with the terms of the previously announced business combination transaction (the "Transaction"), Torchlight has loaned USD$500,000 to META pursuant to an unsecured convertible promissory note (the "META Note"). The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. If the definitive agreement is terminated, Torchlight will have the right to convert the principal amount of the META Note and all accrued interest thereon into META common shares at $0.62 (CAD) per common share.About Metamaterial Inc.META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs
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