Torchlight Energy Resources Inc. - 2014-12-02

Entered securities purchase agreement for senior secured debt funding from group of institutional lenders. The initial draw of about $10.4 million will reduce payables and provide working capital for wells. Lenders deposited $5 million into escrow as part of transaction, which will be released upon closing. Certain placement agents that advised Torchlight will receive placement fees of up to 5% of gross proceeds received, plus certain warrants, at closing.