Company sells shares at $3.50 apiece to Castleton Commodities in deal
By Devika Patel
Knoxville, Tenn., Aug. 15 – Torchlight Energy Resources, Inc. said it settled a $3.01 million non-brokered private placement of stock with Castleton Commodities Opportunities Master Fund LP on Thursday.
The company sold 860,000 common shares at $3.50 apiece. The price per share reflects a 2.78% discount to $3.60, the Aug. 13 closing share price.
Castleton also received five-year warrants for 1.4 million shares. Of the warrants, half are exercisable at $4.50 and half are exercisable at $7.00. The strike prices are 25% and 94.44% premiums to the Aug. 13 closing price.
Proceeds will be used for exploration, development and acquisitions.
Based in League City, Texas, Torchlight Energy is an energy exploration company.
| Issuer: | Torchlight Energy Resources, Inc.
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| Issue: | Common stock
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| Amount: | $3.01 million
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| Shares: | 860,000
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| Price: | $3.50
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| Warrants: | For 1.4 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.50, $7.00
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| Agent: | Non-brokered
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| Investor: | Castleton Commodities Opportunities Master Fund LP
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| Settlement date: | Aug. 14
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| Stock symbol: | Nasdaq: TRCH
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| Stock price: | $3.60 at close Aug. 13
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| Market capitalization: | $72.97 million
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