GEO Investing

Torchlight announced that it has closed an aggregate ~$9mm convertible notes offering to provide growth capital. The company announced that during the months of April through July, it raised $5.65mm in gross proceeds through the 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 announcement marks the expiration of the offering, during which an aggregate of ~$9mm of growth capital was raised. The use of proceeds from this raise will be an expansion of the current drilling program, in which the company has announced that it is currently completing and producing from….(read more below)

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