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Torchlight Eliminates Additional $1,120,000 in Subordinated Debt

Source: www.gulfoilandgas.com 1/14/2021, Location: North America

Torchlight Energy Resources, Inc., an oil and gas exploration company ("Torchlight"), announced that the holder of $1,120,000 of Torchlight's subordinated debt has converted such debt into the common stock of Torchlight at a price of $1.10 per share as set out under the convertible note issued by Torchlight to the holder.

"After this conversion, the only remaining promissory note debt on Torchlight's balance sheet is the secured debt owed to the David A. Straz, Jr. Foundation and David A. Straz, Jr. Irrevocable Trust and the debt owed to our chairman, Gregory McCabe," stated John Brda, Chief Executive Officer of Torchlight. "This brings us another step closer on our goal of closing Torchlight's proposed business combination with Metamaterial Inc."

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