SEC Contract Filing

Filing Date: 2015-11-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>3
<FILENAME>exhibit_10-19.htm
<DESCRIPTION>SECURITIES PURCHASE AGREEMENT AND AMENDMENT TO SECURITIES PURCHASE AGREEMENT (FOR SERIES B CONVERTIBLE PREFERRED STOCK)
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<div><font style="FONT-WEIGHT: bold">EXHIBIT 10.19</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">This Securities Purchase Agreement </font>(this &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Agreement</font>&#8221;) is dated as of September 16, 2015, by and among <font style="FONT-WEIGHT: bold; DISPLAY: inline">Torchlight Energy Resources, Inc.</font>, a Nevada corporation (the &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Company</font>&#8221;), and each purchaser identified as such on the signature pages hereto (each, including its successors and permitted assigns, a <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Purchaser&#8221;</font> and collectively the <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Purchasers&#8221;</font>).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Recitals</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company and each Purchaser is executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section&#160;4(a)(2) of the Securities Act of 1933, as amended (the &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Securities Act</font>&#8221;), and Rule&#160;506 of Regulation&#160;D (&#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Regulation&#160;D</font>&#8221;) as promulgated by the United States Securities and Exchange Commission (the &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Commission</font>&#8221;) under the Securities Act.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">B.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company has authorized or will authorize the issuance and sale to Purchasers of up to an aggregate <font style="FONT-WEIGHT: bold; DISPLAY: inline">40,000</font> shares of Series B Convertible Preferred Stock, par value $0.001 (the <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Preferred Stock&#8221;</font><font style="FONT-WEIGHT: bold; DISPLAY: inline">),</font> having the rights, preferences, privileges and restrictions set forth in the Certificate of Designation to be filed with the State of Nevada upon the Closing (as hereinafter defined) in the form of Exhibit &#8220;A&#8221; attached to this Agreement (the <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Certificate of Designation&#8221;</font>), which Preferred Stock will be convertible into shares of the Company&#8217;s common stock, par value $0.001 per share (<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Common Stock&#8221;</font>), in accordance with the terms and conditions set forth therein and the Certificate of Designation (as converted into shares of Common Stock, collectively the <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;Conversion Shares&#8221;</font>).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">C.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Purchaser, severally and not jointly, wishes to purchase and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the aggregate number of shares of Preferred Stock, at a purchase price of <font style="FONT-WEIGHT: bold; DISPLAY: inline">$100</font> per share, set forth opposite such Purchaser&#8217;s name on the Schedule of Purchasers attached hereto as Exhibit