12/2/2023 0 Comments News on torchlight energy![]() META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is changing the way we use, interact with, and benefit from light and other forms of energy. The remainder will be used for general corporate purposes including working capital and merger related costs. ![]() META intends to use approximately US$5,000,000 of the proceeds from the loan made pursuant to the Promissory Note to accelerate its acquisition of certain pilot scale production equipment to expand its roll-to-roll product family production capabilities, support META's on-going development of optical products for targeted use in life sciences applications, and expand its metaOptix™ product line for its e-commerce business. Further, if the Arrangement is not completed, META will be obligated to repay to Torchlight the total unpaid balance of the principal and interest under the Promissory Note, to the extent not converted into Common Shares, on the Maturity Date. If the Arrangement Agreement is terminated or expires without the completion of the Arrangement, Torchlight will have the right to convert all or any portion of the principal amount and any accrued but unpaid interest under the Promissory Note into the common shares of META (the "Common Shares") at a conversion price of C$2.80 per Common Share (subject to adjustment as described in the Promissory Note). ![]() The Promissory Note bears interest at 8% per annum, with all unpaid principal and interest due in one lump sum payment on Febru(the "Maturity Date"). ("META") (CSE: MMAT), a developer of high-performance functional materials and nanocomposites, announced today that, in accordance with the terms of the previously announced Arrangement Agreement (the "Arrangement Arrangement") between Torchlight and META, pursuant to which Torchlight and META will complete a business combination (the "Arrangement"), Torchlight has loaned US$10,000,000 to META evidenced by an unsecured convertible promissory note (the "Promissory Note"). (NASDAQ: TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. 22, 2021 /CNW/ - Torchlight Energy Resources, Inc.
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