Torchlight Senior Secured Lender Converts Additional $4 Million of Senior Debt

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Jan 28, 2021
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PLANO, TX / ACCESSWIRE / January 28, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight"), announced today that the David A. Straz, Jr. Foundation has converted another $4 million of senior secured debt into common stock at the conversion price of $1.50 per share, for a total of 2,666,666 shares. Prior to the conversion, the David A. Straz, Jr. Irrevocable Trust transferred its entire $8.5 million senior secured debt position to the foundation. This leaves $4.5 million of the senior secured debt remaining.