SEC Form 4 · accession 0001140361-15-026628
TORCHLIGHT ENERGY RESOURCES INC · TRCH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
A later amendment supersedes this filing — read the amendment. The figures below are kept as originally reported (version chain, not an overwrite).
Reporting owner
Eunis Lorance Shockey Jr.
Director
Period of report
May 4, 2015
Accepted (ET)
Jul 2, 2015 · 6:32 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001431959
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WarrantsF1 | $0.50 | May 4, 2015 | A | 400,000 | A | May 4, 2015 | May 4, 2018 | Common Stock | 400,000 | 400,000 | D |
| WarrantsF2 | $2.29 | Jun 30, 2015 | A | 50,000 | A | Jun 30, 2015 | Jun 30, 2018 | Common Stock | 50,000 | 50,000 | D |
Explanation of responses
- F1The issuer issued a promissory note (the "Note") to Mr. Shockey on November 4, 2014 to evidence his loan of $500,000, which Note was due on December 4, 2014. As consideration for defaulting on the Note and for Mr. Shockey agreeing to extend the Note, the issuer's Board of Directors authorized issuing the 400,000 warrants to Mr. Shockey on May 4, 2015.
- F2On June 30, 2015, the issuer's Board of Directors authorized issuing the 50,000 warrants to Mr. Shockey as consideration for agreeing to extend the Note to December 31, 2015. Under the terms of the extension, if the Note is not earlier prepaid, the issuer must issue Mr. Shockey an additional 50,000 warrants on September 30, 2015 with an exercise price equal to the closing market price on that date plus $0.05 and an additional 50,000 warrants on December 31, 2015 with an exercise price equal to the closing market price on that date plus $0.05.