Torq Closes C$15 Million Strategic Investment from Gold Fields

Written By Investor Safari

InvestorSarfari Comments:

$15 Million officially closed. International company Gold Fields now owns just over 15% of TORQ.

An interesting video by Chief Geologist Michael Henrichsen of Torq can be viewed here where he states that they have $17 million in the bank and will aggressively drill both Santa Cecilia and Margarita Projects.

Worth the 11 minute view.


VANCOUVER, BC / ACCESSWIRE / September 15, 2022 / Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) ("Torq" or the "Company") is pleased to announce that it has closed the C$15 million non-brokered private placement with a wholly owned affiliate of NYSE listed international gold mining company, Gold Fields Limited ("Gold Fields") that was previously announced on September 6, 2022. The Company issued an aggregate of 15,000,000 Torq common shares at $1.00 per share, resulting in Gold Fields owning approximately 15.05% of Torq's issued and outstanding shares (undiluted). The funds will be used to advance Torq's portfolio of projects in Chile, primarily its Santa Cecilia gold-copper project. The private placement shares are subject to both a four-month statutory hold period and a one-year contractual hold period under the investment agreement referred to in the Company's September 6, 2022 news release.

A Message from Shawn Wallace, CEO & Chair:

"The closing of this placement allows us to rapidly move forward with exploration at our Santa Cecilia project. We expect to have a team on the ground in October to commence pre-drilling targeting work so that we can be ready to initiate our maiden drill program at the project in early 2023. Additionally, we look forward to receiving the remaining assay results from our Margarita project in the coming weeks."

With respect to the strategic investment, Torq's financial advisor was Minvisory Corp., which will receive a customary success-based fee, and legal advisors were McMillan LLP. The legal advisors to Gold Fields were Fasken Martineau DuMoulin LLP.

ON BEHALF OF THE BOARD,

Shawn Wallace
CEO & Chair



View source version on accesswire.com: https://www.accesswire.com/714829/Torq-Secures-C15-Million-Strategic-Investment-from-Gold-Fields

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