Torchlight Secured Lender Converts $4M of Senior Debt

Source: www.gulfoilandgas.com 1/22/2021, Location: North America

Torchlight Energy Resources, Inc., an oil and gas exploration company, announced that the David A. Straz, Jr. Foundation has converted $4 million of its senior secured note of Torchlight, representing the entire principal amount of its debt position in Torchlight, into common stock. The conversion price for the conversion was $1.50 per share. Torchlight still owes $8.5 million in senior secured debt to the David A. Straz, Jr. Irrevocable Trust.

"We are very pleased with this development on the senior secured debt position," stated John Brda, CEO of Torchlight. "We have made significant strides over the last couple of months in cleaning up our balance sheet with the elimination of over $8 million of debt. We certainly appreciate the long-term support of the Straz foundation and trust."


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