Metamaterial Converts $7.5 Million in Subordinated Debt
HALIFAX, NS, Feb. 18, 2021 /CNW/ - Metamaterial Inc. ("Company" or "META") (CSE: MMAT) a developer of high-performance functional materials and nanocomposites, today announced that Dicot Holdings, Lark Investments, Tom Welch and Ann Lambert, each investors in and lenders to the Company, converted $1,936,984 of principal and accrued interest at $0.70 per share into 2,767,120 common shares of the Company in accordance with the terms of their debt instruments. Tom Welch also converted $5,526,082 of principal and accrued interest at $0.50 per share into 11,052,164 shares of the Company, in accordance with the terms of the bridge financing announced on December 20, 2020.
About Metamaterial Inc.
META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and medical industries. META is headquartered in Halifax, Nova Scotia and has R&D and Sales offices in London, UK and Silicon Valley. For additional information on META, please visit www.metamaterial.com
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SOURCE Metamaterial Inc.
Media inquiries: Rob Stone, Vice President, Corporate Development and Communications, Metamaterial Inc., phone: 1-617-901-4011, [email protected]; Investor inquiries: Mark Komonoski, Director Capital Markets and IR, Metamaterial Inc., phone: 1-877-255-8483, [email protected]
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