Torchlight completes $3.7 million placement of convertible preferreds

Deal sells series B preferreds to fund for liquidity, working capital

By Devika Patel

Knoxville, Tenn., Sept. 30 – Torchlight Energy Resources, Inc. said it settled a $3.7 million private placement of series B convertible preferred stock.

Proceeds will be used for additional liquidity and working capital.

“This round of funding is another milestone achieved and exemplifies investor confidence in Torchlight,” chief executive officer John Brda said in a press release.

“Proceeds will be used to accelerate the continued development of our assets and provide additional liquidity for operations. In conjunction with the announcement of our partnership with Founders Oil and Gas, we believe that Torchlight’s capital structure is optimized to continue our various initiatives, including the highly anticipated continued development of our Orogrande asset.”

Based in League City, Texas, Torchlight is an energy exploration company.

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