Metamaterial Inc. a developer of high-performance functional materials and nanocomposites, today announced that it has signed a letter of intent with its landlord, Rank Incorporated and Page Property Management to amend the lease to its Highfield facility located in Dartmouth, Nova Scotia, expanding the space by about 15,000 square feet, to approximately 68,000 square feet. In addition to holography and lithography …
Facility Expanded to 68,000 Square Feet to House New Customer Center
Metamaterial Inc. (the “Company” or “META”) (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today announced that it has signed a letter of intent (the “LOI”) with its landlord, Rank Incorporated and Page Property Management (the “Landlord”), to amend the lease to its Highfield facility (the “Highfield Facility”), located in Dartmouth, Nova Scotia, expanding the space by about 15,000 square feet, to approximately 68,000 square feet. In addition to holography and lithography R&D labs and the next phase of META’s development of roll-to-roll processes, the expanded space will include a new customer center for training and technology transfer
In exchange for the Landlord’s agreement to expand the rentable square footage in the Company’s lease at Highfield Park Drive, their further agreement to reduce the annual rent for the 10-year term of the lease by $2,699,250, and their agreement to provide the Company with $500,000 in cash for on-going tenant improvements, the Landlord agreed to subscribe to 990,480 common shares of the Company at $3.23 per common share, representing a 15% discount to the closing price of the common shares on the Canadian Securities Exchange on March 11, 2021.
The LOI is non-binding and subject to certain customary conditions, including the execution of a definitive subscription agreement and related documents.
About Metamaterial Inc.
META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com.
This release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which may include, but are not limited to, statements with respect to the transactions contemplated by the LOI and the use of space in the Highfield Facility. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the Company to complete the transactions contemplated by the LOI on the terms currently contemplated by the LOI or at all. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise.
The CSE has neither approved nor disapproved the contents of this news release.
SOURCE: Metamaterial Inc.
View source version on accesswire.com:
News Provided by ACCESSWIRE via QuoteMedia