TRCH - Torchlight Energy rallies on offloading debt

Torchlight Energy Resources ([[TRCH]] +21.7%) announced today that the $1.1M subordinated debt holders have agreed to convert such debt into common stock, with $500K of the subordinated debt converting at $0.43/share, and $600,953 of the subordinated debt converting at a renegotiated conversion price of $0.50/share vs. original price of $0.75."Not only is this progress toward the closing of Torchlight's proposed business combination with Metamaterial Inc., but we also believe it to be a good practice to clean outstanding debt off of our books," CEO John Brda commented.

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Torchlight Energy rallies on offloading debt