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Torq Resources Inc. reports company developments tied to copper and gold exploration in Chile, with recurring updates on the Santa Cecilia gold-copper porphyry project in the Maricunga belt. News items include drilling results, target work at Pircas Norte and Gemelos Norte, project planning, and earn-in activity involving Gold Fields.
Company announcements also cover portfolio decisions, including the terminated Margarita project option and retained La Cototuda concession, as well as financing matters such as credit facility extensions and warrant terms. Governance updates include annual meeting voting results and shareholder matters for the TSXV- and OTCQB-traded exploration issuer.
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) has initiated drilling operations at its Santa Cecilia gold-copper project in Chile's Maricunga belt. The project, located 100km east of Copiapo and near Newmont and Barrick's Norte Abierto project, will focus on the Pircas Norte and Gemelos Norte targets.
Previous drilling revealed significant mineralization, including 120 metres of 1.33 g/t gold and 0.096% Copper in hole 24SC-DDH-005, and 498m of 0.36 g/t gold and 0.08% copper in hole 24SC-DDH-003. The current program will comprise 5-7 drill holes for approximately 4,000m using two drill rigs, funded by Gold Fields' initial USD$6 million commitment.
The Pircas Norte target features mineralized porphyry copper outcrops with a gold-copper-molybdenum soil anomaly covering 600m by 600m. Notable findings include high-grade quartz veins with samples returning up to 47.90 g/t gold.
Torq Resources has finalized its option and joint venture transaction with Gold Fields for the Santa Cecilia project in Chile. Under the agreement, Gold Fields can earn up to a 75% indirect interest by funding up to USD$48 million over 6 years.
The deal structure includes: a committed minimum spend of USD$6 million to earn an initial 10% interest, followed by the option to earn up to 51% interest by funding USD$18 million within 30 months, and a final option to reach 75% by funding an additional USD$30 million in the following 42 months.
The transaction received overwhelming approval from Torq's disinterested shareholders on January 10, 2025. A previous USD$1.8 million interim loan from Gold Fields has been converted to a contingent capital contribution toward the initial exploration expenditures.
Torq Resources (TSXV:TORQ, OTCQB:TRBMF) announced the results of its Annual General and Special Meeting held on January 10, 2025, with record shareholder participation of 55.8%. The meeting's highlight was the overwhelming approval (99.91%) of a significant joint venture agreement with Gold Fields for the Santa Cecilia project in Chile.
Under the agreement, Gold Fields' affiliate can earn up to a 75% interest in the project by investing USD$48 million over 6 years. The transaction, which excludes Gold Fields' existing 20,678,260 shares from voting, awaits TSX Venture Exchange approval. The meeting also saw the re-election of all director nominees with strong majorities, the reappointment of Deloitte LLP as auditors, and the continuation of the company's equity incentive plan.
Torq Resources has filed its management information circular and meeting materials for the annual and special shareholders meeting scheduled for January 10, 2025. The meeting will address the election of directors, appointment of auditors, equity incentive plan, and seek disinterested shareholders' approval for the Santa Cecilia Project earn-in agreements with Gold Fields affiliate.
Due to ongoing postal strikes in Canada, shareholders may experience delays in receiving materials. Alternative voting methods are available through Computershare Trust Company. The company is seeking to extend its CAD$0.08 equity unit private placement deadline to January 13, 2025, aiming to raise up to CAD$2 million.
Torq Resources and Gold Fields have executed a definitive Implementation Agreement for the Santa Cecilia Project. Under the agreement, Gold Fields can acquire up to a 75% indirect interest in the project by funding US$48 million in exploration over 6 years. The initial phase allows Gold Fields to earn 51% interest by funding US$18 million within 30 months, starting with a committed US$6 million for a 10% interest. Gold Fields has been providing interim loans up to US$1.8 million, which will be credited against the initial commitment. The agreement requires TSXV approval and shareholder approval at a meeting scheduled for January 10, 2025.
Torq Resources (TSX-V:TORQ, OTCQB:TRBMF) has received approval from the TSX Venture Exchange to extend the closing date of its previously announced unit offering to December 13, 2024. The offering, which was initially announced on October 2, 2024, at $0.08 per unit, remains subject to final TSXV approval and receipt of additional subscription agreements from investors.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has secured an interim loan and facility agreement with Gold Fields affiliate. The agreement includes:
1. A USD$1.81 million (CAD$2.49 million) loan to be drawn in tranches.
2. An immediate USD$600,000 (CAD$826,260) payment for the Santa Cecilia copper-gold project in Chile.
3. Additional credit facility of up to USD$1.21 million (CAD$1.66 million) for project development.
This loan bridges the period until Torq and Gold Fields finalize their option and joint venture agreement, allowing Gold Fields to acquire up to 75% interest in Santa Cecilia for USD$48 million in project spending. The agreement requires approval from Torq's disinterested shareholders at a meeting expected in December 2024 or January 2025.