On December 14, 2020, Meta Materials Inc. (formerly known as Torchlight Energy Resources Inc.) (the Company") and its subsidiaries, Metamaterial Exchangeco Inc. (formerly named 2798832 Ontario Inc., Canco") and 2798831 Ontario Inc. (Callco"), both Ontario corporations, entered into an Arrangement Agreement (the Arrangement Agreement") with Metamaterial Inc., (Meta" and, together with the Company, Callco and Canco, the Parties"), to acquire all of the outstanding common shares of Meta by way of a statutory plan of arrangement (the Arrangement") under the Business Corporations Act (Ontario), on and subject to the terms and conditions of the Arrangement Agreement. On June 28, 2021, the Company completed the Arrangement pursuant to the terms of the Arrangement Agreement. Also, pursuant to the Arrangement Agreement, as of the Effective Time, Roger N. Wurtele resigned as the Company's Chief Financial Officer. In connection with their resignation, such officers resigned from all of the positions they held with the Company and its subsidiaries. As of the Effective Time, the Board appointed Kenneth Rice as the Company's Chief Financial Officer. Mr. Rice has served as the Company's Chief Financial Officer and Executive Vice President since June 2021 and served as Meta's Chief Financial Officer and Executive Vice President from December 2020 to June 2021. From April 2016 to March 2019, Mr. Rice held the position of Senior Vice President of LikeMInds Inc. From April 2019 through November 2020 Mr. Rice was employed as CEO of Alderaan Group, a project management and consulting company.