Torchlight Energy Resources, Inc. and Metamaterial Inc. announced the extension of the non-binding letter of intent to December 11, 2020. The letter of intent was originally announced on September 21, 2020. Torchlight and META are continuing to work toward completion of a definitive agreement and have agreed to extend the letter of intent, including without limitation the non-solicitation period.

Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a definitive agreement and audits of Torchlight and META. If a definitive agreement is entered into, it is expected that the closing of a transaction will include customary closing conditions, including NASDAQ and CSE approval and approval by the shareholders of both companies. There can be no assurances that a transaction will be consummated as a result of the letter of intent.

Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. META has engaged Hamilton Clark as financial advisor on its behalf. Additional details will be announced if and when a definitive agreement is reached.