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Torchlight Chairman Converts $1 6 Million of Debt Into Common Stock
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Torchlight Senior Secured Lender Converts Additional $4 Million of Senior Debt
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Torchlight Energy Resources, Inc.: Torchlight Senior Secured Lender Converts Additional $3 Million of Senior Debt
PLANO, TX / ACCESSWIRE / January 29, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ( Torchlight ), 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 subordinate promissory note debt has been converted into common stock.
About Torchlight Energy Resources, Inc.
Torchlight Senior Secured Lender Converts Additional $3 Million of Senior Debt
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Torchlight Energy Resources, Inc.: Torchlight Senior Secured Lender Converts Additional $4 Million of Senior Debt
PLANO, TX / ACCESSWIRE / January 28, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ( Torchlight ), 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 senior secured debt remaining. We are continuing to make headway eliminating debt prior to the proposed business combination transaction with Metamaterial, Inc., stated John Brda, CEO of Torchlight.