Torq Completes Final Tranche of $0.10 Financing; Receives $300,000 Loan Proceeds
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)(OTCQB:TRBMF) ha completato il suo collocamento privato non intermedia, raccogliendo 85.000 dollari canadesi nell'ultima tranche emettendo 850.000 unità a 0,10 dollari per unità. L'azienda ha inoltre prelevato ulteriori 300.000 dollari dalla sua linea di credito, portando il totale dovuto a 2.800.000 dollari. In cambio, Torq emetterà 3,75 milioni di warrant al prestatore, esercitabili a 0,08 dollari fino all'11 luglio 2025. I proventi del collocamento privato e il prestito saranno utilizzati per capitale circolante. Gli insider hanno acquisito tutte le unità dell'offerta, costituendo una transazione tra parti correlate esente da valutazione formale e dai requisiti di approvazione degli azionisti di minoranza. I titoli sono soggetti a un periodo di blocco di quattro mesi e non sono registrati ai sensi delle leggi sui valori mobiliari degli Stati Uniti.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) ha completado su colocación privada sin intermediarios, recaudando 85,000 dólares canadienses en la última tranche mediante la emisión de 850,000 unidades a 0.10 dólares por unidad. La compañía también ha tomado 300,000 dólares adicionales de su línea de crédito, elevando el total adeudado a 2,800,000 dólares. A cambio, Torq emitirá 3.75 millones de warrants al prestamista, que son ejercitables a 0.08 dólares hasta el 11 de julio de 2025. Tanto los fondos procedentes de la colocación privada como el préstamo se destinarán a capital de trabajo. Los ejecutivos adquirieron todas las unidades de la oferta, constituyendo una transacción entre partes relacionadas exenta de evaluación formal y requisitos de aprobación de accionistas minoritarios. Los valores están sujetos a un período de bloqueo de cuatro meses y no están registrados bajo las leyes de valores de EE.UU.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF)는 중개인의 개입 없이 사모 배정을 완료했습니다, 850,000개의 단위를 각각 0.10달러에 발행하여 최종 분할에서 85,000 캐나다 달러를 모금했습니다. 회사는 또한 추가로 300,000달러를 차입했습니다, 총 채무가 2,800,000달러로 증가했습니다. 그 대가로 Torq는 대출자에게 3.75백만 개의 워런트를 발행하며, 이는 2025년 7월 11일까지 0.08달러에 행사할 수 있습니다. 사모 배정으로 얻은 자금과 대출은 운영 자본에 사용될 예정입니다. 내부자는 모든 단위를 확보했으며, 이는 정식 평가 및 소수 주주 승인 요건에서 면제되는 거래입니다. 이 증권은 4개월의 보유 기간이 있으며, 미국 증권법에 따라 등록되지 않았습니다.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) a complété son placement privé sans intermédiaire, levant 85 000 dollars canadiens lors de la dernière tranche en émettant 850 000 unités à 0,10 dollar par unité. La société a également prélevé 300 000 dollars supplémentaires de sa facilité de crédit, portant le total dû à 2 800 000 dollars. En échange, Torq émettra 3,75 millions d'options au prêteur, exerçables à 0,08 dollar jusqu'au 11 juillet 2025. Les produits du placement privé et le prêt seront utilisés pour le fonds de roulement. Les initiés ont acquis toutes les unités de l'offre, constituant une transaction entre parties liées exemptée d'évaluation formelle et d'approbation des actionnaires minoritaires. Les titres sont soumis à une période de blocage de quatre mois et ne sont pas enregistrés en vertu des lois américaines sur les valeurs mobilières.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) hat ihre nicht vermittelte Privatplatzierung abgeschlossen und in der letzten Tranche 85.000 kanadische Dollar durch die Ausgabe von 850.000 Einheiten zu je 0,10 Dollar pro Einheit eingesammelt. Das Unternehmen hat außerdem weitere 300.000 Dollar aus seiner Kreditlinie abgerufen, was die Gesamtschuld auf 2.800.000 Dollar erhöht. Im Gegenzug wird Torq 3,75 Millionen Optionen an den Kreditgeber ausgeben, die bis zum 11. Juli 2025 für 0,08 Dollar einlösbar sind. Sowohl die Einnahmen aus der Privatplatzierung als auch das Darlehen werden für Betriebskapital verwendet. Insider haben alle Einheiten des Angebots erworben, was eine Transaktion zwischen nahestehenden Personen darstellt, die von der formellen Bewertung und den Genehmigungsanforderungen der Minderheitsaktionäre befreit ist. Die Wertpapiere unterliegen einer viermonatigen Haltedauer und sind nicht nach US-Wertpapiergesetzen registriert.
- Raised C$85,000 through private placement
- Secured additional $300,000 in loan proceeds
- Insider participation in the offering demonstrates confidence
- Increased debt to $2,800,000
- Potential dilution from 3.75 million new warrants
- Low share price of $0.10 per unit in the offering
VANCOUVER, BC / ACCESSWIRE / August 28, 2024 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") is pleased to announce that it has completed its non-brokered private placement of equity securities, the terms of which were announced on May 7, 2024 (the "Offering"). In the second and final tranche of the Offering, which was extended on July 26, 2024, the Company issued 850,000 units (each, a "Unit") at an offering price of
The Company has also drawn down a further
In accordance with applicable securities laws, the securities issued under the Offering are subject to a statutory four-month and one-day hold period from the date of issuance in Canada. Final approval by the TSX Venture Exchange will follow upon filing standard documentation.
Insiders of the Company acquired all 850,000 Units in the Offering which constituted a "related party transaction" as described under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the securities acquired by the insiders was less than
None of these securities will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or else in compliance with the requirements of an applicable exemption therefrom.
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
For further information on Torq Resources, please visit www.torqresources.com or contact the company at (778) 729-0500 or info@torqresources.com.
About Torq Resources
Torq is a Vancouver-based copper and gold exploration company with a portfolio of premium holdings in Chile. The Company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful and sustainable practices. The Company was built by a management team with prior success in monetizing exploration assets and its specialized technical team is recognized for their extensive experience working with major mining companies, supported by robust safety standards and technical proficiency. The technical team includes Chile-based geologists with valuable local expertise and a noteworthy track record for major discovery in the country. Torq is committed to operating at the highest standards of applicable environmental, social and governance practices in the pursuit of a landmark discovery. For more information, visit www.torqresources.com.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information in this release are statements that relate to final approval of the Offering by the TSXV, use of proceeds, plans for future exploration programs, which are dependent on raising additional capital. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by some of the principal forward-looking statements. See Torq's Annual Information Form filed April 29, 2024, at www.sedarplus.ca for disclosure of the risks and uncertainties faced in this business.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assumes any responsibility for the adequacy or accuracy of this release.
SOURCE: Torq Resources Inc.
View the original press release on accesswire.com
FAQ
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