Torchlight Provides Update on Proposed Business Combination Timing

Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight"), announced today that it is continuing to work towards the completion of the regulatory requirements necessary to consummate the previously announced business combination (the "Arrangement") with Metamaterial Inc. ("Metamaterial"). Torchlight will file its 2020 annual report on Form 10-K prior to filing the definitive proxy statement for the special meeting of Torchlight's stockholders in connection with the Arrangement. Torchlight expects to hold the special meeting within the next 30 to 60 days, and expects the closing of the Arrangement to occur in the second quarter of 2021. Torchlight's definitive proxy statement will announce the meeting date and record date for the special meeting. The record date to determine the Torchlight stockholders that will receive a dividend of the previously announced Series A Preferred Stock, which will entitle its holders to, among other things, receive cash dividends in connection with the sale of Torchlight's oil and gas assets, will be determined after the special meeting is held. Metamaterial recently announced that its security holders have approved the special resolution relating to the Arrangement at Metamaterial's annual general and special meeting.