Torq Increases and Closes C$5.28 Million Private Placement

Rhea-AI Summary

Torq Resources Inc. (OTCQX:TRBMF) has successfully completed a non-brokered private placement, increasing its total from C$5 million to C$5.28 million. The company issued 7,033,400 equity units at an offering price of $0.75 per unit. Proceeds will fund exploration in Chile, ongoing project costs, and general working capital. The placement is subject to approval from the TSX Venture Exchange. Torq Resources is recognized for its responsible practices in the copper and gold exploration sector in Chile.

Positive

• Increased non-brokered private placement from C$5 million to C$5.28 million.
• Issuance of 7,033,400 equity units at $0.75 per unit.
• Proceeds to support exploration and project costs in Chile.

Negative

• Completion of the financing is subject to market conditions affected by European political tensions.

VANCOUVER, BC / ACCESSWIRE / March 18, 2022 / Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) ("Torq" or the "Company") is pleased to announce that it has increased and completed its non-brokered private placement, the amended terms of which were announced February 15, 2022, from C$5 million to C$5.28 million through the issuance of 7,033,400 equity units at an offering price of $0.75. The Company intends to use the net proceeds to fund exploration at the Company's portfolio of projects in Chile, for ongoing project costs and for general working capital. Customary referral fees of approximately 3% of the aggregate proceeds were paid to eligible persons who referred participating investors. The private placement remains subject to final approval from the TSX Venture Exchange.

ON BEHALF OF THE BOARD,

Shawn Wallace
Executive Chair

For further information on Torq Resources, please contact Natasha Frakes, Vice President of Communications 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 invaluable 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 is information includes the statement that completion of the financing is imminent as risks to completion include the unknown effects on capital markets of potentially escalating European political tensions and the enforceability of executed subscription agreements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Torq Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/693780/Torq-Increases-and-Closes-C528-Million-Private-Placement

FAQ

What is the total amount raised in Torq Resources' private placement?

Torq Resources raised a total of C$5.28 million in its private placement.

How many equity units did Torq Resources issue in its latest private placement?

Torq Resources issued 7,033,400 equity units in the latest private placement.

What will the proceeds from the private placement be used for?

The proceeds will be used to fund exploration in Chile, cover ongoing project costs, and for general working capital.

What is the offering price for the equity units in Torq Resources' private placement?

The offering price for the equity units was $0.75 each.

Is the private placement by Torq Resources subject to any approvals?

Yes, the private placement is subject to final approval from the TSX Venture Exchange.