4/A//SEC Filing
TORCHLIGHT ENERGY RESOURCES INC 4/A
Accession 0001140361-15-033012
CIK 0001431959operating
Filed
Aug 19, 8:00 PM ET
Accepted
Aug 20, 5:39 PM ET
Size
8.5 KB
Accession
0001140361-15-033012
Insider Transaction Report
Form 4/AAmended
Shockey Eunis Lorance Jr
Director
Transactions
- Award
Warrants
2015-06-30+120,000→ 120,000 totalExercise: $2.29From: 2015-06-30Exp: 2018-06-30→ Common Stock (120,000 underlying) - Award
Warrants
2015-05-04+400,000→ 400,000 totalExercise: $0.50From: 2015-05-04Exp: 2018-05-04→ Common Stock (400,000 underlying)
Footnotes (2)
- [F1]The 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.
- [F2]On June 30, 2015, the issuer issued 120,000 warrants to Mr. Shockey as consideration for agreeing to extend the Note to December 31, 2015. Under the terms of the extension, the warrants will be subject to a vesting schedule which will provide for 40,000 shares to vest on June 30, 2015, 40,000 shares to vest on September 30, 2015, and 40,000 shares to vest on December 31, 2015, provided that the warrants shall not vest if the Note has been repaid prior to the date of vesting. In the event that a portion of the Note is paid, then the number of warrants, which remain subject to vesting, will be reduced pro rata.
Documents
Issuer
TORCHLIGHT ENERGY RESOURCES INC
CIK 0001431959
Entity typeoperating
IncorporatedNV
Related Parties
1- filerCIK 0001431959
Filing Metadata
- Form type
- 4/A
- Filed
- Aug 19, 8:00 PM ET
- Accepted
- Aug 20, 5:39 PM ET
- Size
- 8.5 KB