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EXHIBIT
99.1
TORCHLIGHT ENERGY RESOURCES ANNOUNCES PROPOSED PUBLIC OFFERING OF
COMMON STOCK
PLANO, TEXAS, January 13, 2020 – Torchlight Energy
Resources Inc (NASDAQ: TRCH) (“Torchlight” or the
“Company”), an oil and gas Exploration and
Production (E&P) company, today announced that it intends to
offer to sell shares of its common stock in an underwritten public
offering. In addition, the Company also expects to grant to the
underwriter for the offering a 45-day option to purchase up to an
additional 15% of the number of shares of common stock offered in
the public offering to cover over-allotments, if any. The Company
intends to use the net proceeds for general business purposes,
which may include drilling capital, acquisitions of assets and
working capital. The offering is subject to market conditions and
there can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the
offering.
Aegis
Capital Corp. is acting as sole book-runner for the
offering.
This
offering is being made pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-220181) previously filed with
the U.S. Securities and Exchange Commission (the
“SEC”). A preliminary prospectus supplement and
accompanying prospectus describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. Electronic
copies of the prospectus supplement may be obtained, when
available, from Aegis Capital Corp., Attention: Syndicate
Department, 810 7th Avenue, 18th floor, New York, NY 10019, by
email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.
Before investing in this offering, interested parties should read
in their entirety the preliminary prospectus supplement and the
accompanying prospectus and the other documents that the Company
has filed with the SEC that are incorporated by reference in such
prospectus supplement and the accompanying prospectus, which
provide more information about the Company and such
offering.
This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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
Torchlight
Energy Resources, Inc. (NASDAQ: 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.
Torchlight Contact
Investor
Relations Contact
Derek
Gradwell
Investor
Relations Consultant
Phone:
512-270-6990
Email:
ir@torchlightenergy.com