PLANO, TX–(Marketwired – April 19, 2018) – Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States, today announced the pricing of an underwritten public offering of 5,000,000 shares of its common stock at a public offering price of $1.15 per share. Torchlight Energy Resources, Inc. has also granted to the underwriter a 30-day option to acquire an additional 750,000 shares to cover over-allotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by Torchlight Energy Resources, Inc., it expects to receive net proceeds of approximately $5.37 million, assuming no exercise of the over-allotment option. The offering is expected to close on or about April 23, 2018, subject to the satisfaction of customary closing conditions.
Roth Capital Partners is acting as sole manager for the offering.
Torchlight Energy Resources, Inc. intends to use the net proceeds from the offering primarily to meet its drilling obligations at its Hazel Project and Orogrande Project and for general corporate purposes.
A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. Copies of the prospectus supplement and accompanying prospectus will be filed with the SEC and, when available, may be obtained from Roth Capital Partners, Attention: Equity Capital Markets, 888 San Clemente Drive, Newport Beach, California 92660, by telephone at (800) 678-9147 or e-mail at firstname.lastname@example.org, or by accessing the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Torchlight Energy Resources, Inc.
Torchlight Energy Resources, Inc. is an energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. Torchlight Energy Resources, Inc.’s primary focus has been the development of interests in oil and gas projects it holds in the Permian Basin in West Texas, including the Orogrande Project in Hudspeth County, Texas, the Hazel Project in the Midland Basin and a Project in Winkler County, Texas in the Delaware Basin.