Torchlight Energy Resources Inc. (NasdaqGM: TRCH) raised $6.5 million in a private placement offering of stock and warrants completed Jan. 31, the company said Feb. 3. Proceeds will fund Torchlight’s previously discussed drilling programs, the company added.
Torchlight sold 1,400,000 restricted common shares. The company sold 350,041 warrants to purchase restricted shares. The warrants’ exercise price is $6 per share, expiring Dec. 31, 2018, the company added. After expenses and fees, net proceeds were $5,015,000, the company added.
National Securities Corp. (OTC: NHLD), a wholly-owned subsidiary of National Holdings Inc., was the sole placement agent, the company said.
"With the help of National Securities, we were able to complete the financing on time and oversubscribed," said Torchlight’s president John Brda. He added, “this financing gets us one step closer to fully funding our 2014 drilling plans."
In another, earlier private offering during Dec. 2013 and early Jan. 2014, Torchlight sold 350,000 restricted common shares and 87,500 warrants, the company said. Net proceeds were $1,400,000, Torchlight added.
Torchlight Energy Resources, based in Plano, Texas, is an oil and natural gas E&P company that acquires and develops domestic oil fields. It has interests in Texas, Kansas and Oklahoma, in the Eagle Ford, Mississippi and Hunton areas.
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