Torchlight Energy Resources (TRCH) Provides Update on Proposed Business Combination Timing and Payment Date for Preferred Stock Dividend

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company ('Torchlight'), today announced that Torchlight and Metamaterial Inc. ('Metamaterial') have agreed to extend the outside date by which Torchlight and Metamaterial must close their business combination transaction (the "Arrangement") to June 30, 2021. The extension provides time for the June 24, 2021 record date and the June 25th payment date of the special Series A Preferred Stock dividend, declared on June 14, 2021, to transpire.

The payment date for the Series A Preferred Stock dividend will be June 25^th. The Company expects to close the Arrangement no later than June 30^th, 2021.

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