Sept 21 (Reuters) - Torchlight Energy Resources Inc TRCH.O :
* TORCHLIGHT AND METAMATERIAL ANNOUNCE PLANNED BUSINESS COMBINATION
* TORCHLIGHT ENERGY RESOURCES INC - SPECIAL DIVIDEND INTENDED TO BE ISSUED TO TORCHLIGHT SHAREHOLDERS AT CLOSING
* TORCHLIGHT ENERGY RESOURCES INC - UPON COMPLETION OF PROPOSED TRANSACTION, SHAREHOLDERS OF META ARE EXPECTED TO HOLD A 75% INTEREST IN COMBINED ENTITY
* TORCHLIGHT ENERGY - OWNERSHIP SPLIT ASSUMES COMBINED CO HAS FINANCING OF $10 MILLION/MORE NET OF TORCHLIGHT'S DEBT PRIOR TO BUSINESS COMBINATION CLOSING
* TORCHLIGHT ENERGY RESOURCES - COMBINED CO SHALL USE COMMERCIALLY REASONABLE EFFORTS TO CAUSE TORCHLIGHT OIL & GAS ASSETS TO BE SOLD BY JUNE 30TH, 2021
* TORCHLIGHT ENERGY RESOURCES - FOLLOWING CLOSING OF TRANSACTION BOARD OF DIRECTORS OF COMBINED COMPANY SHALL BE COMPRISED OF 7 MEMBERS
* TORCHLIGHT ENERGY RESOURCES - META'S CEO, GEORGE PALIKARAS TO BE APPOINTED CEO OF COMBINED COMPANY, ALONG WITH APPOINTMENT OF A NEW CFO