Facility Expanded to 68,000 Square Feet to House New Customer Center
HALIFAX, NS / ACCESSWIRE / June 9, 2021 / Metamaterial Inc. (the "Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today announced that it has executed an amended Ten-Year lease agreement (the "Amended lease") 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 $2,877,867, and their agreement to provide the Company with $500,000 in cash for on-going tenant improvements, the Landlord agreed to subscribe to 993,490 common shares of the Company at $3.40 per common share, representing a 15% discount to the closing price of the common shares on the Canadian Securities Exchange on June 1, 2021.
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.
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SOURCE: Metamaterial Inc.