By September 30, 2015 Read More →

Torchlight Energy announces the closing of $3.7 million preferred stock

Proceeds will be used to accelerate continued development of Torchlight Energy assets, additional liquidity for operations.

Torchlight Energy

Torchlight energy resources, Inc.

PLANO, TX– Torchlight Energy Resources, Inc. (NASDAQ: TRCH) today announced the closing of a private placement for $3.7 million of newly issued convertible preferred stock.

Torchlight Energy issued $3.7 million in liquidation preference (face amount) of Series B Convertible Preferred Stock in a private placement exempt from registration under the Securities Act of 1933.

Torchlight Energy expects to utilize the net cash proceeds from the sale for additional liquidity and working capital. The capital was raised primarily from institutional investors.

“This round of funding is another milestone achieved and exemplifies investor confidence in Torchlight,” said CEO John Brda. “Proceeds will be used to accelerate the continued development of our assets and provide additional liquidity for operations.

“In conjunction with the announcement of our partnership with Founders Oil and Gas, we believe that Torchlight’s capital structure is optimized to continue our various initiatives, including the highly anticipated continued development of our Orogrande asset.”

Posted in: Energy Financial

1 Comment on "Torchlight Energy announces the closing of $3.7 million preferred stock"

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  1. Brittany Monroe says:

    Hilary Clinton’s so called “North American Climate Compact” is a stolen idea and policy concept from independent consultant Henry Goldberg. Mr. Goldberg was one of the first people to work on the North American Energy agreement between the US & Canada in the 80s and his proposal from March of 2015 is here. The Clinton staff and sneaky and clearly took his idea and expanded. Read it and decide for yourself, I just did and am going to get the word around.