Source: Umbrella Research

Torchlight announced that it has closed a $4mm extension to the previous convertible notes offering, for an aggregate raise of $12mm of growth capital. The company announced that during the months of September and October, it raised $3.93mm in gross proceeds through an extension of the previous issuance of its 12% Series A Convertible Promissory Notes to investors, convertible into shares of common stock at $1.75 per share, as well as Series A Warrants to purchase common stock at $2.00 per share on a coverage basis that equates to 20% of the contributed capital. The principal on the notes is due on March 31, 2015 while warrants expire on March 31, 2018. This is in addition to ~$9mm that the company raised earlier this year under the same terms. This announcement marks the expiration of the offering, during which an aggregate of ~$12mm of growth capital was raised. The use of proceeds from this raise will be to finance its aggressive drilling campaign.

Torchlight expands its Board of Directors, prepares to file for NYSE MKT listing.  TRCH recently announced that it has appointed three independent members to its Board of Directors, increasing the size of the Board to seven and adding substantial industry and capital markets experience. New Board members include: Mr. Jerry Barney, who has over 30 years of experience in various management and consulting positions with technology, oil services and government entities; Mr. Edward Devereaux, who brings over three decades of experience in investment management, investment banking and securities sales and marketing; and Mr. E.L. Shockey, who brings entrepreneurial and executive experience to the company. In addition, Torchlight decided to uplist to NYSE MKT exchange and plans to file an application in Q4 of this year. We believe that the expanded Board and an uplist to a primary exchange should significantly broaden the potential investor base and should result in increased liquidity and greater potential for shares to more accurately reflect intrinsic value as production levels and resulting profitability continue to grow.

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