Welcome to our dedicated page for TRCH news (Ticker: TRCH), a resource for investors and traders seeking the latest updates and insights on TRCH stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect TRCH's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of TRCH's position in the market.
Torchlight Energy Resources (NASDAQ:TRCH) announced on February 22, 2021, that it has loaned Metamaterial Inc. (CSE:MMAT) US$10,000,000 via an unsecured convertible promissory note. The note bears an 8% interest rate and is due on February 18, 2022. Should the business combination not complete, Torchlight can convert the loan into shares at a price of C$2.80. META intends to use US$5 million for production equipment and the rest for corporate purposes. The companies are scheduled to hold a shareholder meeting on March 12, 2021, to discuss the arrangement.
Torchlight Energy Resources, Inc. (TRCH) announced the conversion of its remaining $1.5 million secured debt into common stock, resulting in the issuance of 1,000,000 shares at $1.50 each. This conversion eliminates all term debt from Torchlight's balance sheet. Additionally, the blanket liens on both the Orogrande and Hazel projects securing this debt will be fully released. Torchlight specializes in domestic oil field acquisition and development, focusing on established plays in Texas, including the Permian Basin.
Torchlight Energy Resources (NASDAQ:TRCH) has successfully completed an underwritten public offering of 23 million shares of common stock at $1.20 per share, netting $27.6 million before expenses. The proceeds will be allocated for general business purposes and provide $5 million in bridge financing to Metamaterial Inc. as part of a planned business combination. The offering was managed by Roth Capital Partners, and further details can be found in the accompanying prospectus.
Torchlight Energy Resources (TRCH) announced a public offering of 20 million shares of common stock at $1.20 per share, with gross proceeds of $24 million. The offering closes on February 10, 2021, subject to conditions. Roth Capital Partners is the sole manager. The proceeds will support general business purposes and provide $5 million in bridge financing to Metamaterial Inc. as part of a business combination.
Torchlight Energy Resources, Inc. (NASDAQ:TRCH) announced a significant debt conversion on January 29, 2021. The David A. Straz, Jr. Foundation converted an additional $3 million of senior secured debt into common stock at $1.50 per share, equating to 2,000,000 shares. Following this conversion, $1.5 million of senior secured debt remains. Over December 2020 and January 2021, approximately $16 million of debt has been converted into common stock, positioning Torchlight for potential growth in the oil and gas market.
Torchlight Energy Resources (NASDAQ:TRCH) announced the conversion of $4 million of senior secured debt into common stock at a price of $1.50 per share, amounting to 2,666,666 shares. This follows the transfer of an $8.5 million debt position from the David A. Straz, Jr. Irrevocable Trust to the David A. Straz, Jr. Foundation, leaving $4.5 million in senior secured debt. CEO John Brda highlighted ongoing efforts to reduce debt in advance of a planned business combination with Metamaterial, Inc.
Torchlight Energy Resources (NASDAQ:TRCH) has announced that it has regained compliance with Nasdaq's $1.00 minimum bid price listing requirement. The company has been removed from Nasdaq's non-compliance list, signaling a positive development for its stockholders. CEO John Brda expressed satisfaction with this outcome, indicating that it reflects positively on the company's standing. Torchlight, based in Plano, Texas, focuses on the acquisition and development of profitable domestic oil fields, particularly in established areas like the Permian Basin.
Torchlight Energy Resources, Inc. (NASDAQ:TRCH) announced on January 22, 2021, that the David A. Straz, Jr. Foundation converted $4 million of its senior secured note into common stock at a conversion price of $1.50 per share. This conversion eliminates over $8 million of Torchlight's debt, although the company still owes $8.5 million to the Straz Trust. CEO John Brda expressed appreciation for the Foundation's support and highlighted efforts to improve the balance sheet. The company remains focused on its growth in oil and gas exploration primarily in the Permian Basin.
Torchlight Energy Resources (TRCH) announced that Masterson Hazel Partners intends to exercise its option to operate on the Hazel Project. This decision ensures compliance with continuous development obligations, keeping leases current while flowback continues at the Flying B Ranch #4H well. The option for Masterson to purchase the project is set for March 31, 2021, if certain senior secured notes remain, or by May 31, 2021, if those notes are satisfied. Torchlight continues to focus on the acquisition and development of profitable oil fields in Texas.
Torchlight Energy Resources, Inc. (TRCH) has successfully converted $1,120,000 of subordinated debt into common stock at $1.10 per share, decreasing its debt obligations.
With this conversion, the only remaining debts are to the David A. Straz, Jr. Foundation and its chairman, Gregory McCabe. This move is a significant step toward completing the proposed business combination with Metamaterial Inc.
Torchlight focuses on oil and gas exploration, primarily in the Permian Basin, aiming to enhance growth and asset acquisition.
