C$5 Million Non-Brokered Private Placement
InvestorSarfari Comments:
This is good news. One expects this funding to be sufficient for about 2 years worth of exploration, drilling and discovery - if the full 5 million comes in from investors. The company is hoping that funding will be achieved by the end of the month. Let's see. Certain "lead investors" have expressed interest.
Typically junior mining stocks with a $5M target should be achievable. Positive surprise - this deal has no warrant (like a stock purchase price at $1.20 for a period of a year).
VANCOUVER, BC / ACCESSWIRE / February 1, 2022 / Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) ("Torq" or the "Company") announces that it is has arranged certain lead investors for a portion of a proposed non-brokered private placement for up to C$5 million from the sale of 6,666,667 Torq common shares (the "Shares") at a price of C$0.75 per Share (the "Placement").
The Company intends to use the net proceeds from the Placement to fund exploration at the Company's portfolio of projects in Chile, for ongoing project costs and for general working capital.
The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including conditional approval from the TSX Venture Exchange. Completion of the placement is targeted for February 2022.
In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law. No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities of the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person 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 any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Resales of Shares within the United States will be restricted in accordance with applicable law.
ON BEHALF OF THE BOARD,
Shawn Wallace
Executive Chairman
View source version on accesswire.com:
https://www.accesswire.com/686841/Torq-Announces-C5-Million-Non-Brokered-Private-Placement