Metamaterial Inc. has agreed to merge with an American company that will provide it with a listing on the Nasdaq stock exchange and at least US$10 million (C$13.3 million) in new financing.
The Dartmouth company, which makes products from manmade substances that alter light, said Monday it has signed a letter of intent to merge with Plano, Texas-based oil and gas producer Torchlight Energy Resources. The merged company will retain the Metamaterial name, management, business model, and will be headquartered in Dartmouth. As part of the deal, Torchlight will sell off its oil and gas assets,