Statement of Changes in Beneficial Ownership (4)
October 13 2020 - 03:24PM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL
OWNERSHIP OF SECURITIES
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APPROVAL
OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934 or Section 30(h) of the Investment
Company Act of 1940
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1. Name
and Address of Reporting Person * McCabe Greg |
2. Issuer Name and Ticker or Trading
Symbol TORCHLIGHT ENERGY RESOURCES INC [ TRCH ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)__X__
Director __X__
10% Owner
_____ Officer (give title
below) _____ Other
(specify below)
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(Last)
(First)
(Middle)
500 WEST TEXAS AVE., SUITE 890 |
3. Date of Earliest Transaction (MM/DD/YYYY)
9/18/2020
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(Street)
MIDLAND, TX 79701
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person |
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
|
1.Title of Security
(Instr. 3) |
2. Trans. Date |
2A. Deemed Execution Date, if any |
3. Trans. Code
(Instr. 8) |
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) |
5. Amount of Securities Beneficially Owned Following
Reported Transaction(s)
(Instr. 3 and 4) |
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) |
7. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
Amount |
(A) or (D) |
Price |
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
|
1. Title of Derivate Security
(Instr. 3) |
2. Conversion or Exercise Price of Derivative
Security |
3. Trans. Date |
3A. Deemed Execution Date, if any |
4. Trans. Code
(Instr. 8) |
5. Number of Derivative Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5) |
6. Date Exercisable and Expiration Date |
7. Title and Amount of Securities Underlying
Derivative Security
(Instr. 3 and 4) |
8. Price of Derivative Security
(Instr. 5) |
9. Number of derivative Securities Beneficially
Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct
(D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
(A) |
(D) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
6% Convertible Promissory
Note |
$0.375 |
9/18/2020 |
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A (1) |
|
|
$1500000 |
9/18/2020 |
5/10/2021 (2) |
Common Stock |
4000000 (3) |
(4) |
0 |
I |
See footnote (5) |
Explanation of
Responses: |
(1) |
McCabe Petroleum
Corporation, of which the reporting person is the sole owner,
loaned $1,500,000 to the issuer in exchange for a 6% convertible
promissory note. |
(2) |
The convertible note has a
maturity date of May 10, 2021, however $1,500,000 of the principle
amount of the note will be automatically converted into common
stock of the issuer in the event that a business combination
between the issuer and Metamaterial Inc., whether through a merger
or other transaction, is consummated prior to such
date. |
(3) |
In the event of an automatic
conversion of the convertible note as described in footnote (2),
100% of the note will convert into a total of 4,000,000 (which
amount only accounts for principal and does not account for accrued
and unpaid interest which is also convertible under the note). If
(i) the issuer and Metamaterial do not enter into a definitive
agreement by the later of November 2, 2020 or such later date that
is agreed to by the issuer and Metamaterial in writing, or (ii) the
issuer and Metamaterial enter into a definitive agreement but the
transaction is terminated prior to closing or otherwise does not
close by the maturity date of the note, then at such time and until
the maturity date, the holder of the note will have the right, at
the holder's option, to convert only up to $500,000 of the
remaining principal amount, plus all unpaid interest accrued under
the note, into shares of common stock. All such amounts of common
stock are subject to adjustment in the event of any
reclassification, stock split, stock dividend or other similar
event. |
(4) |
The convertible note was
issued in consideration for a loan to the issuer by McCabe
Petroleum Corporation in the amount of $1,500,000. |
(5) |
The convertible note was
issued to McCabe Petroleum Corporation, of which the reporting
person is the sole owner. |
Reporting
Owners
|
Reporting Owner Name / Address |
Relationships
|
Director |
10% Owner |
Officer |
Other |
McCabe Greg
500 WEST TEXAS AVE.
SUITE 890
MIDLAND, TX 79701 |
X |
X |
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Signatures
|
/s/ Greg McCabe |
|
10/12/2020 |
**Signature of Reporting
Person |
Date |