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Torchlight Energy Resources (NASDAQ: TRCH) announced the conversion of $1,043,573 of subordinated debt into common stock at a price of $1.10 per share. This strategic move is designed to strengthen the company's capital structure and enhance financial flexibility. Torchlight focuses on oil and gas exploration and production, particularly in Texas' Permian Basin.
For further updates, investors can keep an eye on the upcoming proxy statement regarding a proposed business combination.
Torchlight Energy Resources (NASDAQ:TRCH) announced the conversion of $1,500,000 of subordinated debt into common stock at $0.43 per share. CEO John Brda expressed satisfaction in reducing outstanding debt, a step toward finalizing a business combination with Metamaterial Inc. Torchlight focuses on acquiring and developing domestic oil fields, primarily in West and Central Texas, particularly in the Permian Basin. Investors are encouraged to review forthcoming proxy statements for crucial details regarding the proposed transaction.
Torchlight Energy Resources (NASDAQ:TRCH) announced a significant debt conversion, with $1,100,953 of subordinated debt being converted into common stock. Specifically, $500,000 converts at $0.43 per share and $600,953 at a new price of $0.50, down from $0.75. CEO John Brda views this as a crucial step towards finalizing Torchlight's proposed business combination with Metamaterial Inc., highlighting the importance of reducing outstanding debt.
Torchlight Energy Resources (TRCH) has announced a loan of USD $500,000 to Metamaterial Inc. (META) through an unsecured convertible promissory note. The note is set for a 24-month term with an 8% interest rate, and Torchlight has the option to convert the note into META shares at $0.62 (CAD) per share if the agreement is terminated. This transaction is part of a larger business combination between the two companies.
Torchlight Energy Resources (NASDAQ:TRCH) announced a webcast presentation on December 15, 2020, aimed at outlining its business combination with Metamaterial Inc. (CSE:MMAT). The presentation introduces CEO George Palikaras and discusses META's advancements in functional materials and energy applications. Torchlight focuses on oil and gas exploration, primarily in Texas. The webcast can be accessed online for further insights into the proposed transaction and the companies' future strategies.
Torchlight Energy Resources (TRCH) and Metamaterial Inc. have signed a definitive agreement for a business combination via a statutory plan. Post-transaction, Metamaterial shareholders will hold approximately 75% equity, while Torchlight shareholders will retain about 25%. Torchlight will issue a preferred stock dividend to its shareholders before closing, allowing participation in asset sale proceeds or future equity in a spin-off entity. The deal requires Torchlight to raise at least $10 million prior to closing and involves customary approvals. The new entity aims to leverage Metamaterial's advanced technologies.
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) announced the commencement of the flowback process at its Hazel Project, specifically on the Flying B Ranch #4H. The flowback process is expected to take significant time due to the high volume of water used during stimulation. The company will provide updates on hydrocarbon indications or production results once available. Torchlight focuses on acquiring and developing profitable oil fields primarily in West and Central Texas, with a commitment to growth in the energy sector.
Torchlight Energy Resources (TRCH) and Metamaterial Inc. (META) announced the extension of their non-binding letter of intent until December 11, 2020, originally dated September 21, 2020. Both companies are working towards a definitive agreement, with due diligence and negotiations still pending. Financial advisors have been appointed for both parties, and the transaction is contingent on NASDAQ and CSE approval and shareholder consent. There are no guarantees that the transaction will be finalized.
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) has announced the sale of its interest in the Winkler Project for a total of $450,000. The transaction was finalized on November 11, 2020, with $350,000 allocated to Torchlight and $100,000 to McCabe Petroleum Corporation, a company owned by Torchlight's chairman. McCabe will pay its portion through the issuance of 313,480 shares of common stock to Torchlight. The agreement allows for a third-party offer within 90 days, potentially increasing the financial gain for both parties.
Torchlight Energy Resources, Inc. (NASDAQ:TRCH) has announced the successful completion of hydraulic fracturing operations at its Hazel Project. The process involved delivering a targeted frac of approximately 3,200 lbs. per foot with an impressive flow rate of 80 barrels per minute, utilizing 592,000 barrels of water and 24 million lbs. of sand across 37 stages. Flowback operations are set to commence next week, marking a significant step in the development of Torchlight's domestic oil fields in West and Central Texas.
