Announces the recording date of June 24
PLANO, TX / ACCESSWIRE / June 14, 2021 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (‘Torchlight’), today announced that it has declared a special dividend of Series A preferred shares to be issued on a on a one-for-one basis to Ordinary shareholders of record at the close of business on June 24, 2021 (subject to adjustment for any reverse split of Torchlight common shares after the record date but before the dividend payment). This special dividend is to be issued as part of the previously announced business combination transaction with Metamaterial, Inc.
Shareholders of record on June 24, 2021 will be entitled to receive the dividend which will consist of one Series A preferred share for each common share held on that date (subject to adjustment for any reverse split of Torchlight common shares after the date. registration but before payment of the dividend).
Holders of Series A Preferred Shares will be entitled, on a pro rata basis, to any future net proceeds or other potential benefits arising from the disposition of the oil and gas assets of Torchlight, subject to certain holdbacks.
The arrangement with Metamaterial, Inc. is expected to close before the end of June.
About Torchlight Energy Resources, Inc.
Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high-growth oil and gas (E&P) exploration and production company whose primary focus is the acquisition and development of oil fields national. Torchlight has assets concentrated in West and Central Texas, where their targets are established areas such as the Permian Basin. For more information on Torchlight, please visit www.torchlightenergy.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the “Safe harbor” created by these sections. All statements contained in this press release that are not based on historical fact are “forward-looking statements”. These statements can be identified by words such as “estimates”, “anticipates”, “projects”, “plans”, “strategy”, “objective” or “planned”, “seeks”, “may”, “could”, “Will”, “expects”, “intends to”, “believes”, “should” and similar expressions, or their negative versions, and which can also be identified by their context. Any statements that deal with operational performance or events or developments that Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, our strategy refinement, our attempts to obtain additional funding, our exploration possible business alternatives, or historical facts, are forward-looking statements. Although management has based all forward-looking statements included in this press release on its current expectations, the information on which those expectations were based may change. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from forward-looking statements due to various factors, including the risks and uncertainties described or implied by the risk factors and in the MD&A and Analysis of Financial Condition and Results of Operations Sections of our 2020 Annual Report on Form 10-K, filed March 18, 2021 and our other reports filed from time to time with the Securities and Exchange Commission (“SEC”). We urge you to take these risks and uncertainties into account when evaluating our forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. Except as otherwise provided by federal securities laws, we disclaim any obligation or commitment to publicly post any update or revision to any forward-looking statement contained in this document (or elsewhere) to reflect any change in our expectations in this regard, or any change in the events, conditions or circumstances upon which such statement is based.
SOURCE: Torchlight Energy Resources, Inc.
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