Torchlight Senior Secured Lender Converts Additional $3M

Source: www.gulfoilandgas.com 1/29/2021, Location: North America

Torchlight Energy Resources, Inc., an oil and gas exploration company, announced that the David A. Straz, Jr. Foundation has converted another $3 million of senior secured debt into common stock at the conversion price of $1.50 per share, for a total of 2,000,000 shares. This leaves $1.5 million of the principal amount of senior secured debt remaining. During December 2020 and January 2021, a total of approximately $16 million of senior secured and subordinate promissory note debt has been converted into common stock.


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