Torchlight Eliminates $1,500,000 in Debt

Source: www.gulfoilandgas.com 1/6/2021, Location: North America

Torchlight Energy Resources, Inc., an oil and gas exploration company ("Torchlight"), announced that the holders of $1,500,000 of Torchlight's subordinated debt have agreed to convert such debt into the common stock of Torchlight at a price of $0.43 cents per share as set out under the convertible notes issued by Torchlight to the holders.

"We are very happy to continue to eliminate Torchlight's outstanding debt," stated John Brda, Chief Executive Officer of Torchlight. "Our goal is to continue clearing any hurdles and move to the closing of Torchlight's proposed business combination with Metamaterial Inc. This is another positive step towards that goal."


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