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Torq Resources Inc. (TRBMF) is a Vancouver-based copper and gold exploration company with premium mineral projects in Chile. The company focuses on new exploration in prominent mining belts with responsible and sustainable practices. Led by a successful management team, Torq has a specialized technical team known for working with major mining companies. The Santa Cecilia project marks a significant discovery milestone for Torq, showcasing large-scale porphyry targets and high-grade gold-copper mineralization. Recent drilling results from the Pircas Norte and Gemelos Norte targets demonstrate the potential scale and grade of the mineralized body, with mineralization remaining open in all directions. Torq plans to continue exploration to unlock the full potential of its properties and solidify its position as a key player in Chile's most prolific mining belts.
Torq Resources (TSX-V:TORQ, OTCQB:TRBMF) has received approval from the TSX Venture Exchange to extend the closing date of its previously announced unit offering to December 13, 2024. The offering, which was initially announced on October 2, 2024, at $0.08 per unit, remains subject to final TSXV approval and receipt of additional subscription agreements from investors.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has secured an interim loan and facility agreement with Gold Fields affiliate. The agreement includes:
1. A USD$1.81 million (CAD$2.49 million) loan to be drawn in tranches.
2. An immediate USD$600,000 (CAD$826,260) payment for the Santa Cecilia copper-gold project in Chile.
3. Additional credit facility of up to USD$1.21 million (CAD$1.66 million) for project development.
This loan bridges the period until Torq and Gold Fields finalize their option and joint venture agreement, allowing Gold Fields to acquire up to 75% interest in Santa Cecilia for USD$48 million in project spending. The agreement requires approval from Torq's disinterested shareholders at a meeting expected in December 2024 or January 2025.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has announced a private placement to raise up to C$2 million. The company plans to offer up to 25,000,000 units at CAD$0.08 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at $0.16 for 24 months after closing.
The warrants are subject to an accelerated expiry if the company's stock price reaches or exceeds $0.30 for 10 consecutive trading days. The proceeds will be used for general working capital. The offering is expected to close around October 31, 2024, subject to TSX-V approval. Insiders may participate in the offering, and the company may pay a 6% finder's fee on gross proceeds and issue finder's warrants.
Torq Resources Inc. (TSX-V:TORQ)(OTCQB:TRBMF) has issued a clarification regarding the terms of the finder's warrants announced in their May 7, 2024 news release. The correct exercise price for the finder's warrant is $0.10. All other terms remain unchanged from the warrants issued in the private placement. This clarification aims to provide accurate information to investors and stakeholders about the company's financial instruments.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has completed its non-brokered private placement, raising C$85,000 in the final tranche by issuing 850,000 units at $0.10 per unit. The company has also drawn down an additional $300,000 from its credit facility, bringing the total owed to $2,800,000. In exchange, Torq will issue 3.75 million warrants to the lender, exercisable at $0.08 until July 11, 2025. Both the private placement proceeds and loan will be used for working capital. Insiders acquired all units in the offering, constituting a related party transaction exempt from formal valuation and minority shareholder approval requirements. The securities are subject to a four-month hold period and are not registered under U.S. securities laws.
Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) has amended its Margarita Project Unilateral Option Agreement, extending the option by one year and deferring the August 22, 2024 payment of USD $1,200,000. The amendment includes:
1. Increasing the August 22, 2025 payment to USD $1,500,000 (+$300,000)
2. Increasing the August 22, 2026 payment to USD $2,200,000 (+$200,000)
3. Requiring USD $1,000,000 in exploration before August 22, 2025
4. Requiring an additional USD $1,000,000 in exploration before August 22, 2026
CEO Shawn Wallace stated that this deferral, along with the recently announced Gold Fields Option and Joint Venture for the Santa Cecilia Project, will provide significant financial relief for the company's payment and capital expenditure requirements.
Torq Resources Inc. (TSX-V:TORQ)(OTCQB:TRBMF) has entered into a non-binding term sheet with Gold Fields for a proposed option and joint venture agreement on Torq's Santa Cecilia copper-gold project in Chile. The agreement grants Gold Fields a two-stage option to acquire up to a 75% interest in the project for US$48 million in spending over 6 years.
Key terms include:
- Stage 1 Option: Gold Fields to fund US$18 million in 30 months for 51% interest
- Stage 2 Option: Additional US$30 million for 24% more interest
- Joint venture to be established upon certain conditions
The deal requires shareholder approval and is subject to due diligence and TSX Venture Exchange acceptance.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has announced an extension of its $0.10 financing offering period to August 25, 2024. This extension has received conditional approval from the TSX Venture Exchange, subject to customary conditions including the absence of material changes during the extended period. The company notes that raising additional funds remains contingent on the execution of further subscription agreements by investors.
This development suggests that Torq Resources is seeking to secure more capital through its current financing round. The extension provides potential investors with additional time to participate in the offering, which could be important for the company's future operations and growth strategies.
Torq Resources (TSXV:TORQ, OTCQB:TRBMF) has completed the first tranche of its non-brokered private placement, issuing 4,645,300 units at $0.10 per unit, raising C$464,530. The offering period has been extended to July 26, 2024, subject to conditions. Finders' fees of $10,800 and 108,000 non-transferable warrants were issued. Proceeds are earmarked for working capital. Insider participation accounted for 1,500,000 units, constituting a related party transaction exempt from formal valuation and minority shareholder approval requirements under MI 61-101. Securities carry a four-month and one-day hold period in Canada and are not registered under the U.S. Securities Act.
Torq Resources announced the second set of results from the Phase II drilling program at its Santa Cecilia project in Chile's Maricunga belt. The significant findings include a 120-meter interval with 1.33 g/t gold and 0.096% copper, ending in mineralization. Another highlight is a high-grade quartz vein within this interval that returned 47.90 g/t gold. The company also reported other noteworthy intercepts, including 118 meters of 0.26 g/t gold and 0.034% copper from the surface. The results suggest potential for a large and high-grade mineralized body, encouraging further exploration. Additionally, at the Gemelos Norte target, a 98-meter interval yielded 0.18 g/t gold and 0.043% copper. CEO Shawn Wallace emphasized the strategic significance of these findings, pointing towards a substantial copper-gold system. The company plans further drilling to expand these discoveries amid a strengthening commodity market.
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