![]() I am personally very pleased with the advice, counsel and operating guidance this team has given META, and I hope to continue working with this new team once the spinout is finalized," said Greg McCabe, former Chairman of the Board of Torchlight Energy Resources, Inc., the guarantor of certain loans from META to OilCo to fund the drilling operations, and a holder of a plurality of the shares of the Series A Preferred Stock. "The new management team of OilCo has been instrumental in ensuring that a very aggressive drilling schedule during the 4th quarter of 2021 was met. This team is continuing to consult for OilCo regarding operations and structure of OilCo moving forward. META has finalized permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. (the "OilCo"), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. With the completion of this work, the Company is now moving forward to the next steps in the spinout process for these assets. The Company believes that with the completion of the work on these four wells, META is again in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project has been satisfied. As of December 13, 2021, all required drilling operations on the four well sites were successfully completed. We indicated that four wells must be drilled in the Orogrande project in 2021 to enable the Company to hold the lease for sale or spinout. On December 3, 2021, META provided an update on the Company's oil and gas assets and operations. ![]() (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets and the planned spinout of these assets to the Company's Series A preferred stockholders. In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011.HALIFAX, NS / ACCESSWIRE / Janu/ Meta Materials Inc. The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing. ![]() Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. In a reverse takeover to list on the Nasdaq and access the U.S. The shares, however, gave up some of the gains after the company upsized its stock offering. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. 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.
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