SEC Form 4 · accession 0001140361-15-038276
TORCHLIGHT ENERGY RESOURCES INC · TRCH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Edward J Devereaux
Director
Period of report
Oct 8, 2015
Accepted (ET)
Oct 22, 2015 · 4:07 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 | Oct 8, 2015 | A | 21,834 | $2.29 | A | 58,834 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On June 30, 2015, the issuer's Board of Directors approved paying its independent members $100,000 as director compensation, payable, at the election of each director, either (i) in common stock of the issuer, based upon the closing price of its common stock as of June 30, 2015, plus $0.05 (equaling $2.29 per share), (ii) in cash when funds are deemed available, or (iii) in a combination thereof. It was provided that if any director elected for the issuer to pay him in common stock, the issuance of such shares would be subject to stockholder approval. Edward Devereaux elected to receive $50,000 in cash when funds are available and $50,000 in common stock, amounting to 21,834 shares. Stockholders approved the issuance on September 9, 2015, and the issuer issued the shares on October 8, 2015.