Torchlight Eliminates $1,100,953 in Debt

Source: www.gulfoilandgas.com 12/23/2020, Location: North America

Torchlight Energy Resources, Inc., an oil and gas exploration company, announced 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 conversion price of $0.75.

"The conversion of this portion of Torchlight's debt is a positive step for the Company," stated John Brda, Chief Executive Officer of Torchlight. "Not only is this progress toward the closing of Torchlight's proposed business combination with Metamaterial Inc., but we also believe it to be a good practice to clean outstanding debt off of our books."


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