Torchlight eliminates $ 1,500,000 debt

0

PLANO, TX / ACCESSWIRE / January 6, 2021 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (“Torchlight”), today announced that holders of $ 1,500,000 of Torchlight’s subordinated debt have agreed to convert this debt into common shares of Torchlight at a price of $ 0.43 per share, as set out in the convertible notes issued by Torchlight to holders.

“We are very pleased to continue to eliminate unpaid debt from Torchlight,” said John Brda, CEO of Torchlight. “Our goal is to continue to overcome all obstacles and move towards closing the proposed business combination of Torchlight with Metamaterial Inc. This is another positive step towards this goal.”

About Torchlight Energy Resources, Inc.
Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high-growth oil and gas (E&P) exploration and production company whose primary focus is the acquisition and development of oil fields national. Torchlight has assets concentrated in West and Central Texas, where their targets are established areas such as the Permian Basin. For more information on Torchlight, please visit ww.torchlightenergy.com.

Forward-looking statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the “Safe harbor” created by these sections. All statements in this press release that are not based on historical fact are “forward-looking statements”. These statements can be identified by words such as “estimates”, “anticipates”, “projects”, “plans”, “strategy”, “objective” or “planned”, “seeks”, “may”, “could”, “Will”, “expects”, “intention”, “believes”, “should” and similar expressions, or their negative versions, and which can also be identified by their context. Any statements that deal with operational performance or events or developments that Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure funding Additionally, our exploration of possible business alternatives, or which are not historical facts, are forward-looking statements. Although management has based all forward-looking statements included in this press release on its current expectations, the information on which those expectations were based may change. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from forward-looking statements due to various factors, including the risks and uncertainties described or implied by the risk factors and in the MD&A and Analysis of Financial Condition and Results of Operations Sections of our 2019 Annual Report on Form 10-K, filed March 16, 2020 and our other reports filed from time to time with the Securities and Exchange Commission . We urge you to take these risks and uncertainties into account when evaluating our forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. Except as otherwise provided by federal securities laws, we disclaim any obligation or commitment to publicly post any update or revision to any forward-looking statement contained in this document (or elsewhere) to reflect any change in our expectations in this regard, or any change in the events, conditions or circumstances upon which such statement is based.

Additional information and where to find it
Torchlight will prepare a proxy for the shareholders of Torchlight which will be filed with the SEC. The proxy statement will be mailed to Torchlight shareholders. Torchlight urges investors, shareholders and others to read, when available, the proxy statement, as well as other documents filed with the SEC, as these documents will contain important information about the business combination transaction. proposed companies. Such persons may also read Torchlight’s annual report on Form 10-K for the fiscal year ended December 31, 2019, for a description of the securities held by its officers and directors and their respective interests as security holders in the realization of the securities. transactions described herein. . Torchlight’s definitive proxy statement will be mailed to Torchlight shareholders on a record date to be established for voting on the proposed business combination. Torchlight shareholders may also obtain a copy of these documents, free of charge, by directing a request to: John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600, Plano, Texas 75093; email: [email protected] These documents, once available, can also be obtained, free of charge, from the SEC’s website (http://www.sec.gov).

Participants in the solicitation
Torchlight and its directors, officers and other officers and employees, under SEC rules, may be considered participants in the proxy solicitation of Torchlight shareholders in connection with the proposed business combination. Investors and security holders can obtain more detailed information regarding the names, affiliations and interests of the directors of Torchlight in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which has been filed with of the SEC on March 16, 2020. Information regarding who may, under the rules of the SEC, be considered participants in the solicitation of proxies from Torchlight shareholders in connection with the proposed business combination will be set out in the proxy statement for the proposed business combination when available. Information regarding the interests of Torchlight participants in the solicitation, which may, in some cases, be different from those of Torchlight shareholders generally, will be set out in the proxy circular relating to the proposed business combination when they arise. will be available.

CONTACT:
Derek gradwell
Full communications
Telephone: 512-270-6990
[email protected]
[email protected]

THE SOURCE: Torchlight Energy Resources, Inc.

See the source version on accesswire.com:
https://www.accesswire.com/623240/Torchlight-Elimminates-1500000-in-Debt

Share.

Leave A Reply