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EXHIBIT
99.2
TORCHLIGHT ENERGY PRICES $2.3 MILLION UNDERWRITTEN PUBLIC OFFERING
OF COMMON STOCK
Dallas, TX, January 14, 2020 – Torchlight Energy Resources, Inc.
(NASDAQ: TRCH) (“Torchlight” or the
“Company”), an oil and gas Exploration and
Production (E&P) company, today announced the pricing of an
underwritten public offering of 3,285,715 shares of its common
stock at a public offering price of $0.70 per share. The gross
proceeds will be $2.3 million, before deducting offering expenses.
In addition, Torchlight has granted the underwriters a 45-day
option to purchase up to 15% additional shares of common stock at
the public offering price, less offering expenses, to cover
over-allotments, if any.
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 has been 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 Energy
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 Statement
This
news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those described in such statements. Such forward-looking
statements involve known and unknown risks and uncertainties,
including risks associated with the Company's ability to obtain
additional capital in the future to fund planned expansion, the
demand for oil and natural gas, general economic factors,
competition in the industry and other factors that could cause
actual results to be materially different from those described
herein as anticipated, believed, estimated or expected. The Company
is under no obligation (and expressly disclaims any such
obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Investor Relations Contact
Derek
Gradwell
Investor
Relations Consultant
Phone:
512-270-6990
Email:
ir@torchlightenergy.com