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8-K - TORCHLIGHT ENERGY RESOURCES, INC. 8-K - META MATERIALS INC. | trch_8k-18007.htm |
EXHIBIT 99.1
Torchlight Energy Resources, Inc. Announces Closing of Underwritten
Public Offering of Common Stock
PLANO,
TX – May 20, 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 3,450,000
shares of its common stock at a public offering price of $0.34 per
share, which included the full exercise by the underwriter of the
over-allotment option of 450,000 shares. Total gross proceeds were
approximately $1.17 million, before deducting underwriting
discounts and other offering expenses payable by the
company.
The
company intends to use the net proceeds from the offering for
drilling obligations at its Hazel Project and Orogrande Project and
for general corporate purposes.
ThinkEquity,
a division of Fordham Financial Management, Inc., acted as sole
book-running manager for the offering.
Copies
of the final prospectus supplement and accompanying prospectus
related to the offering may be obtained from ThinkEquity, a
division of Fordham Financial Management, Inc., 17 State Street,
22nd Floor, New York, New York 10004, by telephone at (877)
436-3673, by email at prospectus@think-equity.com.
Electronic copies of the final prospectus supplement and
accompanying prospectus are also available on the SEC’s
website at http://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.
Safe Harbor
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the “safe harbor”
created by those sections. All statements in this release that are
not based on historical fact are “forward looking
statements.” These statements may be identified by words such
as “estimates,” “anticipates,”
“projects,” “plans,”
“strategy,” “goal,” or
“planned,” “seeks,” “may,”
“will,” “expects,” “intends,”
“believes,” “should,” and similar
expressions, or the negative versions thereof, and which also may
be identified by their context. All statements that address
operating performance or events or developments Torchlight Energy
Resources expects or anticipates will occur in the future, such as
stated objectives or goals, our refinement of strategy, including
the outcome of our announced downgrading of operations, our
attempts to secure additional financing, our exploring possible
business alternatives, or that are not otherwise historical facts,
are forward-looking statements. While management has based any
forward-looking statements included in this release on its current
expectations, the information on which such expectations were based
may change. Forward-looking statements involve inherent risks and
uncertainties which could cause actual results to differ materially
from those in the forward-looking statements as a result of various
factors, including those risks and uncertainties described in or
implied by the Risk Factors and in Management’s Discussion
and Analysis of Financial Condition and Results of Operations
sections of our Annual Report on Form 10-K, filed on March 16,
2020 and our other reports filed from time to time with
the Securities and Exchange Commission. We urge you to
consider those risks and uncertainties in evaluating our
forward-looking statements. We caution readers not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Except as otherwise required by the federal
securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in
our expectations with regard thereto, or any change in events,
conditions, or circumstances on which any such statement is
based.
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Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions and
include statements regarding the completion of the offering and use
of proceeds. While Torchlight Energy Resources believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are subject to various risks and
uncertainties, including without limitation those set forth in
Torchlight Energy Resources’ filings with the Securities and
Exchange Commission. Thus, actual results could be materially
different. Torchlight Energy Resources expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
Investor Relations Contact
Derek
Gradwell
Investor
Relations Consultant
Phone:
512-270-6990
Email:
ir@torchlightenergy.com
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