Torchlight Senior Secured Lender Converts Remaining $1.5 Million of Senior Debt

Author's Avatar
Feb 16, 2021
Article's Main Image

PLANO, TX / ACCESSWIRE / February 16, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight"), announced today that Torchlight's only remaining secured noteholder has converted all $1.5 million of its remaining position into common stock at the conversion price of $1.50 per share, for a total of 1,000,000 shares. This leaves Torchlight with no term debt remaining on its books. The blanket liens on the Orogrande Project and the Hazel Project that were securing the debt will be released in full.