Metamaterial Inc. is borrowing US$10 million from Plano, Texas-based oil and gas producer Torchlight Energy Resources, the company it hopes to merge with in the coming months.
Meta, as the Dartmouth company is known, announced in the autumn that it would merge with Torchlight through a reverse takeover. The result of the pairing is intended to give Meta a Nasdaq listing, while Torchlight will transform from a producer of fossil fuels to an innovative company producing light-altering materials.
The companies issued a statement earlier this week saying Torchlight will lend Meta US$10 million