Torchlight Energy +14% after $8M private placement

|About: Torchlight Energy Resources... (TRCH)|By:, SA News Editor

Torchlight Energy Resources (NASDAQ:TRCH) jumped 13.8% in today's trade following a successful private placement of $8M in unsecured promissory notes.

TRCH disclosed that on April 10 it sold to investors in a private transaction two 12% unsecured promissory notes with a total of $8M in principal amount.

TCH says it plans to use the proceeds for working capital and general corporate purposes, including drilling capital, lease acquisition capital and repayment of prior debt.