SEC Form 4 · accession 0001140361-15-037229
TORCHLIGHT ENERGY RESOURCES INC · TRCH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert Kenneth Dulin
10% Owner
Period of report
Dec 18, 2014
Accepted (ET)
Oct 8, 2015 · 5:38 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001431959
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Dec 18, 2014 | G | 48,560 | — | D | 27,000 | D | |
| Common StockF1,F3,F2 | Dec 18, 2014 | G | 48,560 | — | A | 243,360 | I | See footnote |
| Common StockF1,F4 | Jul 28, 2015 | G | 510,728 | — | D | 0 | I | See footnote |
| Common StockF5,F4 | Sep 30, 2015 | C | 540,000 | $0.25 | A | 540,000 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WarrantsF1,F4 | $1.75 | Jul 28, 2015 | G | 92,571 | D | Dec 18, 2012 | Dec 18, 2016 | Common Stock | 92,571 | 0 | I |
| WarrantsF1,F4 | $2.00 | Jul 28, 2015 | G | 92,571 | D | Dec 18, 2012 | Dec 18, 2016 | Common Stock | 92,571 | 0 | I |
| WarrantsF1,F4 | $1.75 | Jul 28, 2015 | G | 81,000 | D | Nov 8, 2012 | Nov 8, 2015 | Common Stock | 81,000 | 0 | I |
| Promissory NoteF5,F4 | $0.25 | Sep 30, 2015 | C | 1 | D | Apr 1, 2015 | Sep 30, 2015 | Common Stock | 540,000 | 1 | I |
Explanation of responses
- F1Bona fide gift.
- F2Mr. Dulin is the trustee or custodian of certain trust/custodial accounts. All the beneficiaries of these accounts are members of Mr. Dulin's immediate family. Accordingly, the pecuniary interest of these immediate family members is attributed to Mr. Dulin.
- F3As of January 22, 2013, these trust/custodial accounts held 209,500 shares. Subsequently, and prior to this transaction, in connection with a beneficiary of these accounts reaching the age of 21 (which beneficiary is a family member of Mr. Dulin that does not share his household), Mr. Dulin ceased to be trustee or custodian of a total of 14,700 shares.
- F4This transaction was effected by Sawtooth Properties, LLLP ("Sawtooth"). Mr. Dulin is the Managing Partner of Sawtooth and holds a 90% pecuniary interest in securities held by Sawtooth. The amount of securities reported in this transaction represents Mr. Dulin's 90% pecuniary interest in the shares of common stock acquired or disposed of by Sawtooth.
- F5Conversion of promissory note.