Le 25 juin/June 2021

	Metamaterial Inc. (the "Issuer") has announced a share reclassification and name change. The reclassification is occurring pursuant to a plan of arrangement (the “Arrangement”) involving, among other things, the acquisition by Metamaterial Exchangeco Inc. (“Canco”), a wholly owned subsidiary of Torchlight Energy Resources, Inc. (“Torchlight”), of all of the issued and outstanding common shares of the Issuer (the “Issuer Shares”) pursuant to an arrangement agreement dated December 14, 2020 between the Issuer, Torchlight, Canco, and 2798831 Ontario Inc. (“Callco”), as amended from time to time.

	The Arrangement is in substance a reverse takeover of Torchlight by the Issuer, which has been undertaken in order to facilitate the Issuer’s listing on the NASDAQ and to provide the Issuer with access to&nbsp; capital markets in the United States. Upon completion of the Arrangement, holders of Issuer Shares are expected to hold an approximate 75% equity interest in Torchlight (following the completion of the Arrangement, the “Resulting Issuer”) while holders of Torchlight shares (“Torchlight Shares”) will retain an approximate 25% equity interest in the Resulting Issuer.

	Shareholders of the Issuer were given the opportunity to elect to receive either Torchlight common stock or shares of Canco that are &nbsp;exchangeable into Torchlight common stock (the "Exchangeable Shares") in consideration for their Issuer Shares. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by the Resulting Issuer with respect to its common stock.

	The exchange ratio pursuant to which Issuer Shares will be exchanged for Torchlight Shares or Exchangeable Shares pursuant to the Arrangement is not fixed. Rather, it will be determined based on the number of Torchlight Shares and Issuer Shares outstanding immediately prior to the completion of the Arrangement, such that the holders of Issuer Shares immediately prior to the completion of the Arrangement will hold approximately 75% of the outstanding Torchlight Shares upon completion of the Arrangement.

	The issuer has also announced a name and symbol change to Metamaterial Exchangeco Inc. (MMAX).

	Metamaterial Inc. Common Shares (MMAT) will be delisted at market close on June 28th, 2021.

	Metamaterial Exchangeco Inc. Exchangeable Shares (MMAX) will be listed at market open on June 29th, 2021.

	A Listing Bulletin describing the Metamaterial Exchangeco Inc. Exchangeable Shares will be disseminated on Monday June 28, 2021.

	________________

	Metamaterial Inc. (l'«&nbsp;Émetteur&nbsp;») a annoncé un reclassement d'actions et un changement de nom. Le reclassement a lieu conformément à un plan d'arrangement (l'«&nbsp;Arrangement&nbsp;») impliquant, entre autres, l'acquisition par Metamaterial Exchangeco Inc. («&nbsp;Canco&nbsp;»), une filiale en propriété exclusive de Torchlight Energy Resources, Inc. («&nbsp;Torchlight&nbsp;» ), de toutes les actions ordinaires émises et en circulation de l'émetteur (les « actions de l'émetteur ») aux termes d'une convention d'arrangement datée du 14 décembre 2020 entre l'émetteur, Torchlight, Canco et 2798831 Ontario Inc. (« Callco »), tel que modifié de temps à autre.

	L'Arrangement est en substance une prise de contrôle inversée de Torchlight par l'Émetteur, qui a été entreprise afin de faciliter la cotation de l'Émetteur sur le NASDAQ et de fournir à l'Émetteur l'accès aux marchés des capitaux aux États-Unis. À la réalisation de l'arrangement, les porteurs d'actions de l'émetteur devraient détenir une participation d'environ 75 % dans Torchlight (après la réalisation de l'arrangement, l'«&nbsp;émetteur résultant&nbsp;»), tandis que les porteurs d'actions de Torchlight («&nbsp;actions de Torchlight&nbsp;») conserveront une une participation d'environ 25 % dans l'émetteur résultant.

	Les actionnaires de l'émetteur ont eu la possibilité de choisir de recevoir soit des actions ordinaires de Torchlight, soit des actions de Canco échangeables contre des actions ordinaires de Torchlight (les «&nbsp;actions échangeables&nbsp;») en contrepartie de leurs actions d'émetteur. Les porteurs d'actions échangeables auront le droit de voter sur les questions pour lesquelles les porteurs d'actions ordinaires de Torchlight ont le droit de voter et auront le droit de recevoir des dividendes qui sont économiquement équivalents aux dividendes déclarés par l'émetteur résultant à l'égard de ses actions ordinaires.

	Le rapport d'échange aux termes duquel les actions de l'émetteur seront échangées contre des actions Torchlight ou des actions échangeables aux termes de l'arrangement n'est pas fixe. Il sera plutôt déterminé en fonction du nombre d'actions de Torchlight et d'actions d'émetteur en circulation immédiatement avant la réalisation de l'arrangement, de sorte que les porteurs d'actions d'émetteur immédiatement avant la réalisation de l'arrangement détiendront environ 75 % des actions de Torchlight en circulation Actions à la réalisation de l'arrangement.

	L'émetteur a également annoncé un changement de nom et de symbole pour Metamaterial Exchangeco Inc. (MMAX). 

	Les Actions Ordinaires de Metamaterial Inc. (MMAT) seront radiées à la clôture du marché le 28 juin 2021. 

	Les actions échangeables de Metamaterial Exchangeco Inc. (MMAX) seront cotées à l'ouverture du marché le 29 juin 2021.

	Un bulletin d'inscription décrivant les actions échangeables de Metamaterial Exchangeco Inc. sera diffusé le lundi 28 juin 2021. 
	&nbsp;
<table border="1" cellpadding="1" cellspacing="1" >
<tbody>
<tr>
<td>
				Security Name/Nouveau Nom de sécurité:</td>
<td>
				Metamaterial Inc.</td>
</tr>
<tr>
<td>
				Symbol(s)/Symbole(s):</td>
<td>
				MMAT</td>
</tr>
<tr>
<td>
				CUSIP &amp; ISIN:</td>
<td>
				59134F101/CA59134F1018</td>
</tr>
<tr>
<td>
				Delist Date/Date de radiation :</td>
<td>
				Le 28 juin/June 2021</td>
</tr>
</tbody>
</table>

	&nbsp;
<table border="1" cellpadding="1" cellspacing="1" >
<tbody>
<tr>
<td>
				NEW Security Name/Nouveau Nom de sécurité:</td>
<td>
				Metamaterial Exchangeco Inc.</td>
</tr>
<tr>
<td>
				Security Type/Titre:</td>
<td>
				Exchangeable Shares</td>
</tr>
<tr>
<td>
				Symbol(s)/Symbole(s):</td>
<td>
				MMAX</td>
</tr>
<tr>
<td>
				NEW/Nouveau CUSIP:</td>
<td>
				59134L 10 8</td>
</tr>
<tr>
<td>
				NEW/Nouveau ISIN:</td>
<td>
				CA 59134L 10 8 5</td>
</tr>
<tr>
<td>
				Trading Date/Date de&nbsp;negociation:</td>
<td>
				Le 29 juin/June 2021</td>
</tr>
</tbody>
</table>

	If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail:&nbsp;<a href="mailto:Listings@thecse.com">Listings@thecse.com</a>

	Pour toute question, pour obtenir de l’information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l’adresse:&nbsp;&nbsp;<a href="mailto:Listings@thecse.com">Listings@thecse.com</a>

Metamaterial Exchangeco Inc.

2021-0636 – Share Reclassification and Name Change - Metamaterial Inc. (MMAT)

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