0001431959
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TORCHLIGHT ENERGY RESOURCES INC
0001431959
2021-06-11
2021-06-11
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 11, 2021
Torchlight
Energy Resources, Inc.
(Exact
name of registrant as specified in its charter)
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Nevada
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001-36247
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74-3237581
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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(IRS Employer Identification No.)
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5700 W. Plano Parkway, Suite 3600
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Plano, Texas 75093
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(Address of principal executive offices)
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Telephone
– (214) 432-8002
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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x
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Stock, $0.001 par value
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TRCH
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The
Nasdaq Stock Market LLC
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company o
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Explanatory
Note
As
previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on December
14, 2020, on that date, Torchlight Energy Resources, Inc. (Torchlight) and its newly formed subsidiaries, Metamaterial
Exchangeco Inc. (formerly named 2798832 Ontario Inc., Canco) and 2798831 Ontario Inc., both Ontario corporations, entered
into an Arrangement Agreement (the Arrangement Agreement) with Metamaterial Inc., an Ontario corporation (Metamaterial),
to acquire all of the outstanding common shares of Metamaterial by way of a statutory plan of arrangement (the Arrangement)
under the Business Corporations Act (Ontario). For further information related to the Arrangement, please see Torchlights
Definitive Proxy Statement on Schedule 14A, filed with the SEC on May 7, 2021 (the Proxy Statement). The Arrangement has
not yet been consummated, and Torchlight cannot assure you that the Arrangement will be consummated as described in the Proxy Statement.
Forward-Looking
Statement
This
current report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by
those sections. All statements in this current report that are not based on historical fact are forward looking statements.
These statements may be identified by words such as estimates, anticipates, projects, plans,
strategy, goal, or planned, seeks, may, might, will,
expects, intends, believes, should, and similar expressions, or the negative
versions thereof, and which also may be identified by their context. All statements that address operating performance or events or developments
Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, refinement of strategy, attempts to secure
additional financing, exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements.
While management has based any forward-looking statements included in this current report on its current expectations, the information
on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause
actual results to differ materially from those in the forward-looking statements as a result of various factors, including risks associated
with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural
gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply from Russia and OPEC,
the Arrangement, general economic factors, competition in the industry and other factors that could cause actual results to be materially
different from those described herein as anticipated, believed, estimated or expected. Additional risks and uncertainties are described
in or implied by the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections
of Torchlights 2020 Annual Report on Form 10-K, filed on March 18, 2021 and other reports filed from time to time with the SEC.
Torchlight urges you to consider those risks and uncertainties in evaluating its forward-looking statements. Readers are cautioned to
not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required
by the federal securities laws, Torchlight disclaims any obligation or undertaking to publicly release any updates or revisions to any
forward-looking statement contained herein (or elsewhere) to reflect any change in its expectations with regard thereto, or any change
in events, conditions, or circumstances on which any such statement is based.
Additional
Information and Where to Find It
Torchlight
has prepared and filed with the SEC a definitive proxy statement for Torchlights stockholders in connection with the transactions
contemplated by the Arrangement Agreement. The proxy statement has also been mailed to Torchlights stockholders of record on the
record date for the Torchlight stockholder meeting. Torchlight urges investors, stockholders and other interested persons to read the
proxy statement, as well as other documents filed with the SEC, because these documents will contain important information about the
Arrangement. Such persons can also read Torchlights Annual Report on Form 10-K for the fiscal year ended December 31, 2020, for
a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation
of the transactions contemplated by the Arrangement Agreement. Torchlights stockholders can also obtain a copy of such documents,
without charge, by directing a request to: John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite
3600, Plano, Texas 75093; e-mail: john@torchlightenergy.com. These documents can also be obtained, without charge, at the SECs
web site (http://www.sec.gov).
Participants
in Solicitation
Torchlight
and its directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants
in the solicitation of proxies of Torchlight stockholders in connection with the Arrangement. Investors and security holders may obtain
more detailed information regarding the names, affiliations and interests of Torchlights directors in its Annual Report on Form
10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 18, 2021. Information regarding the persons who
may, under SEC rules, be deemed participants in the solicitation of proxies to Torchlights stockholders in connection with the
Arrangement contemplated by the Arrangement Agreement is also set forth in the proxy statement for the Arrangement contemplated by the
Arrangement Agreement. Information concerning the interests of Torchlights participants in the solicitation, which may, in some
cases, be different than those of Torchlights equity holders generally, is also set forth in the proxy statement relating to the
Arrangement.
Item
9.01. Financial Statements and Exhibits.
(a)
The unaudited interim condensed consolidated financial statements of Metamaterial for the three months ended March 31, 2021 and 2020,
and related notes, are attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
(b)
The unaudited pro forma combined financial statements financial statements of Metamaterial and Torchlight for the three months ended
March 31, 2021 are attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Torchlight
Energy Resources, Inc.
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Date: June 11, 2021
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By:
/s/ John A. Brda
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John
A. Brda
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President
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