Metamaterial Inc., a developer of excessive efficiency useful supplies and nanocomposites, as we speak introduced that it has prolonged the deadline for submitting the Letter of Transmittal and Election Kind to be submitted by every registered shareholder of the Firm to speak their selection of counterparty to be acquired on the shut of the statutory settlement presently pending with …

Metamaterial Inc. (the “Firm” or “META”) (CSE: MMAT), a developer of excessive efficiency useful supplies and nanocomposites, as we speak introduced that it has prolonged the deadline for submitting the Letter of Transmittal and the election kind (the “Transmittal Letter”) to be submitted by every registered shareholder of the Firm (every, a “Shareholder”) to speak this Shareholder’s selection of consideration to be acquired upon closing of the settlement present statutory (“Transaction”) with Torchlight Vitality Assets, Inc. (“Torchlight”). The unique deadline set within the Firm’s administration info round filed on SEDAR was March 11, 2021. The Firm has determined that it’s in the most effective pursuits of the shareholders to increase this date to March 31, 2021 to permit shareholders to have enough time to seek the advice of their tax and monetary advisers earlier than making the selection concerning the consideration to be acquired within the context of the transaction

Pursuant to the Plan of Association in reference to the Transaction, every Shareholder who’s an Eligible Holder (as such time period is outlined within the Plan of Association) could, at its choice, elect to obtain, in respect of of all or a part of its META of shares, exchangeable shares (as that time period is outlined within the plan of association), shares of Torchlight or a mix thereof.

A shareholder could make the election by submitting the Letter of Transmittal by midday (Toronto time) on March, thirty first,2021. The Letter of Transmittal, which accommodates detailed directions for its completion, is included within the assembly materials package deal beforehand mailed to shareholders containing the administration proxy round and proxies for the annual basic assembly and Extraordinary Assembly of Securityholders of META to be held on March 12, 2021 (the “Assembly“). If no letter of transmittal is acquired from a shareholder by the March 31, 2021 deadline, such Shareholder might be deemed to have elected to obtain solely Torchlight shares in change for his or her META shares (and no exchangeable shares).

Shareholders who maintain their META Shares with an middleman ought to instantly contact that middleman to find out the steps to be taken to make sure that the suitable selection is made on their behalf.

Proxies to vote on the assembly have to be filed no later than March 10, 2021 to make sure that an correct vote rely will be made on the META securityholder assembly on March 12, 2021.

The Firm anticipates that it’ll amend the plan of association to mirror the brand new election deadline below the Letter of Transmittal of “March 31, 2021, topic to any waiver or extension by the Firm to his discretion. ” As an additional replace, the Firm expects the Transaction to be accomplished after March 19, 2021 following satisfaction or waiver of the closing circumstances set out within the Definitive Association Settlement, together with approval. of sure questions by Torchlight shareholders. throughout a gathering of its shareholders presently scheduled.

About Metamaterial Inc.
META delivers beforehand unachievable efficiency in a variety of functions by inventing the design, growth and manufacture of sturdy and extremely useful supplies. Our huge know-how platform permits main international manufacturers to ship breakthrough merchandise to their prospects in shopper electronics, 5G communications, well being and wellness, aerospace, automotive and clear vitality. Our achievements have been well known, notably by being named International Cleantech 100. Be taught extra at www.metamaterial.com.

Media inquiries:
[email protected]

Investor requests:
Mark Komonoski
Investor Relations
Cellphone: 1-877-255-8483
[email protected]

Ahead-looking info
This press launch accommodates forward-looking info throughout the that means of Canadian securities legal guidelines concerning Metamaterial and its enterprise, which can embody, however aren’t restricted to, statements concerning the phrases and anticipated timing of the proposed transaction, the date of completion. sending the meeting. supplies, date of assembly, intention to boost fairness capital, attainable continuation of the NASDAQ itemizing and its advantages, divestiture of Torchlight’s oil and fuel property, shareholder approval of the transaction of Metamaterial, enterprise methods, product growth and operational actions of Metamaterial and Torchlight. Usually, however not all the time, forward-looking info will be recognized by means of phrases reminiscent of “count on”, “intend”, “anticipate”, “imagine” or variations (together with damaging variations) of those phrases and expressions, or point out that sure actions, occasions or outcomes “could”, “may”, “would” or “will” be undertaken, will happen or might be achieved. These statements are primarily based on the present expectations and beliefs about future occasions of the administration of Metamaterial and are primarily based on assumptions and are topic to dangers and uncertainties. Though the administration of Metamaterial believes that the assumptions underlying these statements are affordable, they might show to be incorrect. The forward-looking occasions and circumstances mentioned on this press launch could not happen and will differ materially because of identified and unknown threat elements and uncertainties affecting the businesses, together with dangers concerning the power of the events to finish the proposed transaction, the events’ potential to boost the required fairness capital, approval of the transaction and continued itemizing by the NASDAQ, approval by the Canadian Securities Change, acquiring shareholder approval and required third get together and regulatory consents, the danger that Torchlight could not have the ability to eliminate its oil and fuel property on favorable phrases or by no means, dangers associated to the know-how trade, strategic actions and operational market and administration’s potential to handle and function the enterprise. Though Metamaterial has tried to determine materials elements that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different elements that trigger actions, occasions or outcomes differ from these anticipated, estimated or anticipated. . Accordingly, readers shouldn’t place undue reliance on forward-looking statements or info. No forward-looking assertion will be assured. Except required by relevant securities legal guidelines, forward-looking statements converse solely as of the date on which they’re made and Metamaterial undertakes no obligation to publicly replace or revise any forward-looking assertion, whether or not whether or not on account of new info, future occasions. , or in any other case.

CSE has neither authorized nor disapproved of the contents of this press launch.

SOURCE: Metamaterial Inc.

See the supply model on accesswire.com:
https://www.accesswire.com/634169/Metamaterial-Proclaims-Extension-of-Deadline-for-Submission-of-Letter-of-Transmittal-to-March-31-2021



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