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Torchlight Energy Raises Millions In Jan. Offering

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February 3, 2014

Torchlight Energy Resources Inc. (NasdaqGM: TRCH) raised $6.5 million in a private placement offering of stock and warrants completed Jan. 31, the company said Feb. 3. Proceeds will fund Torchlight’s previously discussed drilling programs, the company added.

Torchlight sold 1,400,000 restricted common shares. The company sold 350,041 warrants to purchase restricted shares. The warrants’ exercise price is $6 per share, expiring Dec. 31, 2018, the company added. After expenses and fees, net proceeds were $5,015,000, the company added.

National Securities Corp. (OTC: NHLD), a wholly-owned subsidiary of National Holdings Inc., ...


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