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PLANO, TX--(Marketwired - April 17, 2017) - Torchlight Energy Resources, Inc. (TRCH) ("Torchlight" or the "Company"), today announced the closing of $8 million in unsecured 12% promissory notes through a private placement. The promissory notes bear interest at the rate of 12% per annum and mature on April 10, 2020, with interest payable monthly and a lump sum payment of outstanding principal due on maturity. The notes were issued at a purchase price of 94.25% of the principal amount, resulting in net proceeds of $7.54 million. In addition to the 12% cash interest, the notes will earn a common stock PIK at the rate of 2.5% annually. |
