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Torq Resources to Raise C$2 Million, Settle Debts and Extends Credit Facility

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Torq Resources (TRBMF) has announced a non-brokered private placement to raise C$2 million through the issuance of 33.33 million equity units at CAD$0.06 per unit. Each unit includes one common share and one warrant exercisable at C$0.12 for 24 months.

The company has also extended its Credit Facility of $2.8 million from July 2025 to July 2026, with the lender receiving 46.67 million share purchase warrants exercisable at $0.06 per share. The interest rate will reset to 12%, and the lender will receive a $30,000 payment for security priority and default waivers.

Additionally, Torq has agreed to settle approximately $1.15 million in debt with creditors using identical units from the offering. The company is also seeking to renegotiate its Margarita project option terms, which requires a balloon payment by August 2025, or may need to relinquish a substantial portion of the project.

Torq Resources (TRBMF) ha annunciato un collocamento privato non intermediato per raccogliere C$2 milioni attraverso l'emissione di 33,33 milioni di unità azionarie a CAD$0,06 per unità. Ogni unità include un'azione comune e un warrant esercitabile a C$0,12 per 24 mesi.

L'azienda ha anche esteso la sua Linea di Credito di $2,8 milioni da luglio 2025 a luglio 2026, con il prestatore che riceverà 46,67 milioni di warrant per l'acquisto di azioni esercitabili a $0,06 per azione. Il tasso d'interesse sarà ripristinato al 12%, e il prestatore riceverà un pagamento di $30.000 per priorità di sicurezza e rinunce al default.

Inoltre, Torq ha concordato di saldare circa $1,15 milioni di debito con i creditori utilizzando unità identiche a quelle dell'offerta. L'azienda sta anche cercando di rinegoziare i termini dell'opzione del progetto Margarita, che richiede un pagamento a pallone entro agosto 2025, altrimenti potrebbe dover rinunciare a una parte sostanziale del progetto.

Torq Resources (TRBMF) ha anunciado una colocación privada no intermediada para recaudar C$2 millones mediante la emisión de 33,33 millones de unidades de capital a CAD$0,06 por unidad. Cada unidad incluye una acción común y una opción de compra ejercitable a C$0,12 durante 24 meses.

La compañía también ha extendido su Facilidad de Crédito de $2,8 millones desde julio de 2025 hasta julio de 2026, con el prestamista recibiendo 46,67 millones de opciones de compra de acciones ejercitables a $0,06 por acción. La tasa de interés se reajustará al 12%, y el prestamista recibirá un pago de $30,000 por prioridad de seguridad y renuncias por incumplimiento.

Además, Torq ha acordado liquidar aproximadamente $1,15 millones en deudas con los acreedores utilizando unidades idénticas a las de la oferta. La empresa también está buscando renegociar los términos de la opción del proyecto Margarita, que requiere un pago global para agosto de 2025, o podría necesitar renunciar a una parte sustancial del proyecto.

Torq Resources (TRBMF)C$2백만을 모금하기 위해 비중개 사모 배정을 발표했습니다. 이는 CAD$0.06의 가격으로 3,333만 주식 단위를 발행하는 것입니다. 각 단위는 하나의 보통주와 24개월 동안 C$0.12에 행사 가능한 워런트를 포함합니다.

회사는 또한 신용 한도를 280만 달러에서 2025년 7월에서 2026년 7월로 연장했으며, 대출자는 주당 $0.06에 행사 가능한 4,667만 주식 구매 워런트를 받게 됩니다. 이자율은 12%로 조정되며, 대출자는 보안 우선권 및 채무 불이행 면제를 위해 $30,000의 지급을 받게 됩니다.

또한, Torq는 채권자와 약 $1.15백만의 부채를 동일한 단위를 사용하여 정산하기로 합의했습니다. 회사는 또한 2025년 8월까지의 일시불 지급을 요구하는 Margarita 프로젝트 옵션 조건을 재협상하려고 하고 있으며, 그렇지 않으면 프로젝트의 상당 부분을 포기해야 할 수도 있습니다.

Torq Resources (TRBMF) a annoncé un placement privé non intermédié pour lever C$2 millions par l'émission de 33,33 millions d'unités d'équité au prix de CAD$0,06 par unité. Chaque unité comprend une action ordinaire et un bon de souscription exerçable à C$0,12 pendant 24 mois.

La société a également prolongé sa Facilité de Crédit de 2,8 millions de dollars de juillet 2025 à juillet 2026, le prêteur recevant 46,67 millions de bons de souscription d'actions exerçables à 0,06 $ par action. Le taux d'intérêt sera réajusté à 12 %, et le prêteur recevra un paiement de 30 000 $ pour priorité de sécurité et renoncements aux défauts.

De plus, Torq a convenu de régler environ $1,15 million de dettes avec des créanciers en utilisant des unités identiques à celles de l'offre. La société cherche également à renégocier les termes de l'option du projet Margarita, qui nécessite un paiement global d'ici août 2025, sinon elle pourrait devoir renoncer à une partie substantielle du projet.

Torq Resources (TRBMF) hat eine nicht vermittelte Privatplatzierung angekündigt, um C$2 Millionen durch die Ausgabe von 33,33 Millionen Aktieneinheiten zu einem Preis von CAD$0,06 pro Einheit zu beschaffen. Jede Einheit umfasst eine Stammaktie und ein Warrant, der für 24 Monate zu C$0,12 ausgeübt werden kann.

Das Unternehmen hat auch seine Kreditfazilität von 2,8 Millionen Dollar von Juli 2025 auf Juli 2026 verlängert, wobei der Kreditgeber 46,67 Millionen Aktienkauf-Warrants erhält, die zu $0,06 pro Aktie ausgeübt werden können. Der Zinssatz wird auf 12% angepasst, und der Kreditgeber erhält eine Zahlung von $30.000 für Sicherheitspriorität und Verzicht auf Ausfälle.

Darüber hinaus hat Torq zugestimmt, etwa $1,15 Millionen an Schulden bei Gläubigern mit identischen Einheiten aus dem Angebot zu begleichen. Das Unternehmen strebt außerdem an, die Bedingungen der Margarita-Projektoption neu zu verhandeln, die eine Schlusszahlung bis August 2025 erfordert, andernfalls könnte es erforderlich sein, einen wesentlichen Teil des Projekts aufzugeben.

Positive
  • Credit Facility of $2.8M extended by one year to July 2026
  • Agreement to settle $1.15M in debt through equity units
  • Raising additional C$2M through private placement for working capital
Negative
  • Significant dilution through issuance of 33.33M new units at low price of CAD$0.06
  • Additional dilution from 46.67M warrants issued to lender
  • Risk of losing substantial portion of Margarita project if unable to make balloon payment
  • Increased interest rate to 12% on Credit Facility

VANCOUVER, BC / ACCESS Newswire / March 24, 2025 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") announces that it is undertaking a non-brokered private placement of 33.33 million equity units of the Company (the "Units") at an offering price of CAD$0.06 per Unit for gross proceeds to the Company of $2 million (the "Offering"). Each Unit will consist of one common share (a "Share") and one full common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of C$0.12 at any time on or before the date which is 24 months from the closing date of the Offering (the "Closing Date"). This financing supersedes the previous financing announced on October 2, 2024, and November 18, 2024 which did not complete and any funds which were advanced under the superseded placements will be applied to this Offering.

The Company also announces that it has reached an agreement with the lender, dated March 23, 2025, to extend its Credit Facility in the amount of $2.8 million from July 11, 2025 to July 11, 2026. In consideration the Lender will receive, subject to TSX Venture Exchange ("TSXV") acceptance of the extension agreement, 46,666,667 share purchase warrants ("Lender's Warrants"), with each Lender's Warrant exercisable for one common share at the price of $0.06 per common share until July 11, 2026. The interest rate on the Credit Facility will reset for the last year to 12% and the lender will receive a $30,000 payment in consideration of a recent security priority waiver and a default waiver. The Lender's Warrants are subject to a contractual blocker term that will prohibit exercise if the number of shares that would result on exercise combined with the Lender's other Torq shares would exceed 9.99% of issued Torq shares.

The Company has also reached agreements in principle with arms-length creditors, with dates varying this quarter, to settle approximately $1.15 million in Units identical to those in the Offering.

The Company is also seeking to renegotiate the option terms pertaining to its Margarita project which requires a balloon option payment and work funded by August 2025. If the Company is unable to renegotiate the option terms it may need to elect to relinquish its rights to a substantive portion of this project although it will retain some important adjoining concessions which it previously purchased outright.

The Offering Warrants are subject to an accelerated expiry if, anytime following the date that is four months after the Closing Date, the closing price of the common shares of the Company on the TSXV, or such other market as the common shares may trade from time to time, is or exceeds $0.30 for any 10 consecutive trading days, in which event the holder of the Warrants may, at the Company's election, be given notice and the Company will issue a press release announcing that the financing Warrants will expire 30 days following the date of such press release. The Offering Warrants may be exercised by the holder of the Warrant during the 30-day period after the date of the press release announcing the accelerated expiry date.

The proposed use of proceeds from the Offering is to finance general working capital.

In accordance with applicable securities laws, the securities issued under the Offering will be subject to a four-month-and-one-day hold period from the Closing Date in Canada. Although the Offering is non-brokered, the Company may pay a cash finder's fee equal to 6.0% of the gross proceeds and issue finder's warrants equal to 6.0% of the number of Units sold under the Offering to eligible persons who refer participating investors to the Company, where permitted by applicable law and in accordance with the policies of the TSXV. Each finder's warrant will entitle the holder thereof to purchase one common share of the Company at the exercise price of C$0.06 for a period of 12 months from the Closing Date. Each finder's warrant is also subject to the accelerated expiry as described above.

Closing of the Offering is anticipated to occur on or about April 15, 2025, subject to the receipt of investor and creditor documentation, funds and TSXV approval. There is no minimum upon which the closing of the Offering is conditional, and any upsize will be announced in the context of the market. All securities referred to herein will be subject to a 4 month resale restricted period in Canada from completion of the transactions.

It is possible that insiders of the company may participate in the Offering and the Company will be relying on the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Related Party Transactions, as neither the fair market value of any securities issued to nor the consideration paid by such person could exceed 25% of the Company's market capitalization.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such an offer, solicitation or sale would be unlawful.

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 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 in this release includes statements that relate to closing of the Offering, the use of proceeds, receipt of regulatory approval, closing of the Credit Facility and renegotiation of option on the Margarita project. 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) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Torq Resources Inc.



View the original press release on ACCESS Newswire

FAQ

What is the size and price of Torq Resources' (TRBMF) latest private placement?

Torq Resources is raising C$2 million through a private placement of 33.33 million units at CAD$0.06 per unit, with each unit including one share and one warrant exercisable at C$0.12.

How has TRBMF extended its Credit Facility and what are the new terms?

The Credit Facility of $2.8 million has been extended to July 11, 2026, with a 12% interest rate and 46.67 million warrants issued to the lender at $0.06 per share.

What is the debt settlement amount announced by TRBMF in March 2025?

Torq Resources has agreed to settle approximately $1.15 million in debt with creditors using units identical to those in the private placement offering.

What risk does TRBMF face regarding its Margarita project in 2025?

TRBMF may need to relinquish a substantial portion of the Margarita project if it cannot renegotiate option terms requiring a balloon payment by August 2025.
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