Torchlight Energy Resources Inc. announced the closing of an underwritten public offering of 23,000,000 shares of its common stock at a price of $1.20 per share, which included the full exercise of the underwriter's over-allotment option, for gross proceeds to Torchlight of $27.6 million before deducting the underwriting discount and offering expenses payable by Torchlight. Roth Capital Partners acted as sole manager for [...]
Torchlight Energy Resources Inc. announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock at a price of $1.20 per share. The Company has also granted to the underwriter a 30-day option to acquire an additional 3,000,000 shares to cover overallotments in connection with the offering. Gross proceeds of the offering will be $24 million before the underwriting discount and offering [...]
Torchlight Energy Resources Inc. announced that the McCabe Petroleum Corp, owned by Torchlight's chairman Greg McCabe, converted the entire principal amount of its $1.5 million secured convertible promissory note issued by Torchlight in September of 2020 into common stock at its conversion price of $0.375 per share, totaling 4,000,000 shares. Additionally, Mr. McCabe converted the entire principal amount of the $100,000 [...]
Torchlight Energy Resources Inc. announced today that the David A. Straz, Jr. Foundation has converted another $3 million of senior secured debt into common stock at the conversion price of $1.50 per share, for a total of 2,000,000 shares. This leaves $1.5 million of the principal amount of senior secured debt remaining. During December 2020 and January 2021, a total of approximately $16 million of senior secured and [...]
Torchlight Energy Resources Inc. announced today that the David A. Straz, Jr. Foundation has converted another $4 million of senior secured debt into common stock at the conversion price of $1.50 per share, for a total of 2,666,666 shares. Prior to the conversion, the David A. Straz, Jr. Irrevocable Trust transferred its entire $8.5 million senior secured debt position to the foundation. This leaves $4.5 million of the [...]
Torchlight Energy Resources Inc. , today announced receipt of a letter from The Nasdaq Stock Market stating that the Company has regained compliance with Listing Rule 5550, the $1.00 minimum bid price listing requirement. Accordingly, Torchlight has been removed from Nasdaq's non-compliance list, and the matter is now closed. "We are pleased that Torchlight has regained compliance with the Nasdaq's listing requirements [...]
Torchlight Energy Resources Inc. , an oil and gas exploration company , announced today that the David A. Straz, Jr. Foundation has converted $4 million of its senior secured note of Torchlight, representing the entire principal amount of its debt position in Torchlight, into common stock. The conversion price for the conversion was $1.50 per share. Torchlight still owes $8.5 million in senior secured debt to the David A [...]
Torchlight Energy Resources, Inc. , today reported that Masterson Hazel Partners LP has notified the Company of its intent to exercise its option to perform operations, at Masterson's sole cost and expense, on Torchlight's Hazel Project, as set out under the Option Agreement, dated August of 2020, between Torchlight, Masterson and the McCabe Petroleum Corporation. Masterson will conduct operations sufficient to satisfy [...]
Torchlight Energy Resources, Inc. , an oil and gas exploration company , announced today that the holder of $1,120,000 of Torchlight's subordinated debt has converted such debt into the common stock of Torchlight at a price of $1.10 per share as set out under the convertible note issued by Torchlight to the holder. "After this conversion, the only remaining promissory note debt on Torchlight's balance sheet is the secured [...]
Torchlight Energy Resources, Inc. , an oil and gas exploration company , announced today that the holders of $1,043,573 of Torchlight's subordinated debt have agreed to convert such debt into the common stock of Torchlight at a price of $1.10 per share as set out under the convertible notes issued by Torchlight to the holders. About Torchlight Energy Resources, Inc. Torchlight Energy Resources Inc. , based in Plano [...]
Torchlight Energy Resources, Inc. , an oil and gas exploration company , announced today that the holders of $1,500,000 of Torchlight's subordinated debt have agreed to convert such debt into the common stock of Torchlight at a price of $0.43 cents per share as set out under the convertible notes issued by Torchlight to the holders. "We are very happy to continue to eliminate Torchlight's outstanding debt," stated John [...]
Torchlight Energy Resources, Inc. , an oil and gas exploration company , announced today that the holders of $1,100,953 of Torchlight's subordinated debt have agreed to convert such debt into the common stock of Torchlight, with $500,000 of the subordinated debt converting at $0.43 per share, and $600,953 of the subordinated debt converting at a renegotiated conversion price of $0.50 per share, as compared to the original [...]
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