Torq Announces Debt Settlement and Corporate Update
Torq proposes an equity-for-debt transaction totaling about $510,000 while disclosing a board change and ending its investor relations mandate.
Rhea-AI Summary
Torq Resources (TRBMF) plans to settle approximately $400,000 of debt in units, matching the terms of its August 20, 2026 private placement, and about $110,000 of debt in common shares priced at $0.05 per share. These equity-for-debt settlements remain subject to execution of definitive agreements and TSX Venture Exchange approval, with completion targeted for September 2026 to align with the previously announced financing.
The company reports that director Marie-Hélène Turgeon has resigned from the board effective immediately, and that its investor relations agreement with Kin Communications, originally entered into on June 10, 2025, was terminated effective July 31, 2026 in accordance with the contract terms.
Positive
- About $510,000 of debt targeted for settlement using equity securities, reducing liabilities if completed
Negative
- Debt settlement involves issuing new units and shares, implying potential shareholder dilution upon completion
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VANCOUVER, BC / ACCESS Newswire / September 10, 2026 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") is pleased to announce that it has reached agreements in principle with certain arms-length and non-arm's length creditors to settle approximately
Corporate Update:
The Company announces that director, Marie-Hélène Turgeon, has resigned from her position on the board of directors with the Company, effective immediately. The Company's CEO, Shawn Wallace, stated "On behalf of Torq and the Board, I would like to thank Marie-Hélène for all her efforts over the past 5-years and wish her success in her future endeavors."
The Company also announces that it has terminated its investor relations agreement with Kin Communications, effective July 31, 2026. The agreement was originally entered into on June 10, 2025. The termination was made in accordance with the terms of the agreement. The Company thanks Kin Communications for its services.
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.
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 conditions must be satisfied before Torq’s proposed debt settlement is completed?
The debt settlement remains subject to the execution of settlement agreements with the participating creditors and approval from the TSX Venture Exchange.
When does Torq expect to complete the debt settlement?
Completion of the settlement is targeted for September 2026 so that it coincides with the previously announced private placement financing.
What changes did Torq announce to its board and investor relations arrangements?
Director Marie-Hélène Turgeon resigned from the board effective immediately, and the investor relations agreement with Kin Communications, which began on June 10, 2025, was terminated effective July 31, 2026 in accordance with its terms.
How will the securities used in the debt settlement be structured?
The company intends to issue units that are identical to those offered in the private placement announced on August 20, 2026, along with common shares priced at $0.05 per share to settle the remaining portion of the debt.