Investors receive warrants for 125,999 shares; notes convert at $1.75
By Devika Patel
Knoxville, Tenn., Jan. 2 - Torchlight Energy Resources, Inc. settled a $1.1 million private placement of 12% series A secured convertible promissory notes on Dec. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Each note is due Dec. 31, 2014 and is convertible into common shares at $1.75 per share, which represents a 20.46% discount to $2.20, the Dec. 17 closing share price.
Investors also received warrants for 125,999 shares. Each of the warrants is exercisable at $2.00 until Dec. 31, 2017. The strike price is a 9.09% discount to the Dec. 17 closing price.
Based in League City, Texas, Torchlight Energy is an energy exploration company.
| Issuer: | Torchlight Energy Resources, Inc.
|
| Issue: | Series A secured convertible promissory notes
|
| Amount: | $1,102,500
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| Maturity: | Dec. 31, 2014
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| Coupon: | 12%
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| Conversion price: | $1.75
|
| Warrants: | For 125,999 shares
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| Warrant expiration: | Dec. 31, 2017
|
| Warrant strike price: | $2.00
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| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: TRCH
|
| Stock price: | $2.20 at close Dec. 17
|
| Market capitalization: | $27.4 million |
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