Attached files
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| 8-K - TORCHLIGHT ENERGY RESOURCES, INC.8K - META MATERIALS INC. | trch_8k-17358.htm |
EXHIBIT
99.1
Torchlight Energy Resources, Inc. Announces Closing of Underwritten
Public Offering of Common Stock and Full Exercise of
Underwriter’s Option to Purchase Additional
Shares
PLANO,
TX – April 23, 2018 – 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 5,750,000
shares of its common stock at a public offering price of $1.15 per
share, including 750,000 shares sold pursuant to the
underwriter’s exercise in full of its option to purchase
additional shares. The net proceeds to Torchlight Energy Resources,
Inc., after deducting the underwriting discounts and commissions
and estimated offering expenses payable by Torchlight Energy
Resources, Inc., were approximately $6.0 million.
Roth
Capital Partners acted as sole manager for the
offering.
Torchlight
Energy Resources, Inc. intends to use the net proceeds from the
offering primarily to meet its drilling obligations at its Hazel
Project and Orogrande Project and for general corporate
purposes.
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 Roth Capital
Partners, Attention: Equity Capital Markets, 888 San Clemente
Drive, Newport Beach, California 92660, by telephone at (800)
678-9147 or e-mail at rothecm@roth.com, 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. is an energy company engaged in the
acquisition, exploration, exploitation and/or development of oil
and natural gas properties in the United States. Torchlight Energy
Resources, Inc.’s primary focus has been the development of
interests in oil and gas projects it holds in the Permian Basin in
West Texas, including the Orogrande Project in Hudspeth County,
Texas, the Hazel Project in the Midland Basin and a Project in
Winkler County, Texas in the Delaware Basin.
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Forward-Looking Statements
This
press release may contain forward-looking statements and
information, including “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements and information expressed,
as of the date of this press release, Torchlight Energy Resources,
Inc.’s estimates, forecasts, projections, expectations or
beliefs as to certain future events and results. Forward-looking
statements and information are necessarily based on a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
technical, economic and competitive uncertainties, risks and
contingencies, and there can be no assurance that such statements
and information will prove to be accurate. Therefore, actual
results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, risks related to receipt of working capital, the level
of success in exploration, development and production activities,
industry risks, possible federal and/or state initiatives related
to regulation of the oil and gas industry, environmental risks and
hazards, and other risks described in Torchlight Energy Resources,
Inc.’s Annual Report on Form 10-K for the year ended December
31, 2017 and its other filings with the SEC. Readers should not
place undue reliance on forward-looking statements or information
included herein, which speak only as of the date hereof. Torchlight
Energy Resources, Inc. undertakes no obligation to reissue or
update forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. All forward-looking statements and information
made in this press release are qualified by this cautionary
statement.
Investor Relations Contact
Derek
Gradwell
MZ
Group
SVP
Natural Resources
Phone:
512-270-6990
Email:
dgradwell@mzgroup.us
Web:
www.mzgroup.us
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