Source: Torchlight Energy Resources Inc – Press Release/Statement:
Headline: Torchlight Energy Resources, Inc. Announces Closing of $3,000,000 Registered Direct Offering
PLANO, TX / ACCESSWIRE / June 16, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States, today announced the closing of the registered direct offering announced on June 12, 2020. The company sold 7,894,737 shares to the investor, and as part of the offering, issued to the investor a warrant to purchase up to 3,157,895 shares of common stock. Total gross proceeds were approximately $3.0 million before deducting expenses payable by the company in connection with the offering. The company intends to use the net cash proceeds for drilling obligations, debt interest payments and general corporate purposes.