Torchlight Energy (NASDAQ: TRCH), an oil and gas exploration company, has closed an underwritten public offering of 23,000,000 shares of its common stock, including an additional 3,000,000 shares pursuant to the full exercise of the over-allotment option granted to the underwriters. Torchlight Energy secured approximately $27.6 million in gross proceeds, with each of the shares sold at the public offering price of $1.20. The company intends to use the proceeds for general business purposes and to provide $5 million of additional bridge financing to Metamaterial Inc. in connection with the previously announced agreement under which the companies will complete a business combination. ROTH Capital Partners acted as sole manager for the offering.
For more information about Torchlight Energy, visit www.TorchLightEnergy.com
For details on the 33rd Annual ROTH Conference, visit https://ibn.fm/60crq
About Torchlight Energy Resources Inc.
Torchlight Energy, based in Plano, Texas, is a high-growth oil and gas exploration and production (“E&P”) company with a primary objective of acquisition and development of domestic oil fields. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin.
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