5/8/2023 0 Comments Torchlight energy mergerRoth Capital Partners is serving as the financial adviser to Torchlight, while Hamilton Clark is acting as the financial adviser to Metamaterial. An entity held by Torchlight Chairman Gregory McCabe also provided a $1.5 million bridge loan. ![]() Torchlight said it has loaned $500,000 to Metamaterial and has agreed to loan an additional $500,000 to the systems engineering company within five days of signing the proposed deal. Torchlight's management team will remain in an advisory role centered on divesting the company's legacy oil and gas business. Metamaterial CEO George Palikaras will be the CEO of the combined entity, while a new CFO will be appointed. Torchlight has loaned USD500,000 to META. ![]() If the deal is completed, the combined company's board of directors will have seven members. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. Under the proposed agreement, Metamaterial will become a subsidiary of Torchlight, with Metamaterial shareholders owning a 75% interest in the combined company, and Torchlight former equity holders owning the remaining 25%. Metamaterial develops technologies that are designed to enhance the use of light and other energy forms. Torchlight said in a news release that the agreement is part of the company's shift toward becoming a global clean technology company following a slowdown in the oil and gas market brought on by the coronavirus pandemic. ![]() 21 said it has signed a nonbinding letter of intent to offload its oil and gas assets within the first half of 2021 and to acquire 100% of materials and systems engineering company Metamaterial Inc.
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