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8-K - TORCHLIGHT ENERGY RESOURCES, INC. 8-K - META MATERIALS INC. | trch_8k-17863.htm |
EXHIBIT 99.1
Torchlight Energy Resources, Inc. Announces Closing of Underwritten
Public Offering of Common Stock
PLANO,
TX – January 16, 2020 – 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 closing of its
previously announced underwritten public offering of 3,285,715
shares of its common stock at a public offering price of $0.70 per
share, for total gross proceeds of approximately $2.3 million,
before deducting underwriting discounts and other offering expenses
payable by the Company. Additionally, the Company has granted the
underwriter a 45-day option to purchase additional shares to cover
over-allotments.
Aegis
Capital Corp. acted as sole manager for the offering.
Torchlight
Energy Resources, Inc. intends to use the net proceeds from the
offering for general business purposes, which may include drilling
capital, acquisitions of assets and working capital.
A shelf
registration statement relating to the shares of common stock
issued in the offering was filed with the Securities and Exchange
Commission (the “SEC”) and has been declared effective.
Copies of the prospectus supplement and accompanying prospectus
have been filed with the SEC and may be obtained from Aegis Capital
Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor,
New York, New York 10019, by email at syndicate@aegiscap.com, or by
telephone at (212) 813-1010, 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. (TRCH), based in Plano, Texas, is
a high growth oil and gas Exploration and Production (E&P)
company with a primary focus on acquisition and development of
highly profitable domestic oil fields. The company has assets
focused in West and Central Texas where their targets are
established plays such as the Permian Basin. For additional
information on the Company, please visit www.torchlightenergy.com.
Forward-Looking Statements
This
press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this press release are forward-looking
statements, including, but not limited to, the company's proposed
follow-on offering. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the offering will be
successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the company cautions investors that actual
results may differ materially from the anticipated
results.
Investor Relations Contact
Derek
Gradwell
Investor
Relations Consultant
Phone:
512-270-6990
Email:
ir@torchlightenergy.com