Torq Completes $1.7 Million Private Placement
Torq raises C$1.7 million in equity units with five-year warrants to fund general working capital needs.
Rhea-AI Summary
Torq Resources (TRBMF) has closed a private placement raising gross proceeds of C$1,700,191.20 through the issuance of 34,003,824 units at C$0.05 per unit on September 16, 2026.
Each unit consists of one common share and one warrant exercisable at C$0.10 per share until September 16, 2029. Gold Fields Atacama Holdings invested C$170,191.20 in the financing. Torq paid cash finder's fees of C$29,700 and issued 594,000 non-transferable finder's warrants exercisable at C$0.10 per share until September 16, 2029. Net proceeds are intended for general working capital, and all securities are subject to a hold period in Canada until January 17, 2027.
Positive
- Gross proceeds of C$1,700,191.20 raised via private placement
- 34,003,824 units issued at C$0.05, each with a share and warrant
- Participation from Gold Fields totals C$170,191.20
- Warrants provide potential additional capital at C$0.10 per share until 2029
Negative
- Issuance of 34,003,824 new shares plus warrants is dilutive to existing shareholders
- Finder's fees include C$29,700 cash and 594,000 additional warrants
- All placement securities subject to trading restrictions until January 17, 2027
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / September 16, 2026 / Torq Resources Inc. (TSX-V:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") is pleased to announce that it has closed its previously announced private placement (see August 20, 2026 and September 15, 2026 news releases) (the "Placement") for proceeds of C
In connection with the Placement, the Company paid finder's fees consisting of cash commissions of C
The participation by Gold Fields in the Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a), respectively, as the Company is listed on TSX Venture Exchange and fair market value of the participation by insiders in the Placement did not exceed
In accordance with applicable securities laws, the securities issued under the Placement are subject to a four-month and one day hold period from the date of issuance in Canada, which will expire on January 17, 2027.
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are the terms of the warrants issued in the Torq private placement?
Each unit includes one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of C$0.10 per share until September 16, 2029. The finder's warrants have the same exercise price and expiry date and are non-transferable.
How will Torq Resources use the proceeds from the private placement?
The company intends to use the net proceeds from the placement for general working capital purposes.
What is the holding period for the securities issued in this financing?
Under applicable Canadian securities laws, the securities issued in the placement are subject to a four-month and one day hold period from the date of issuance, expiring on January 17, 2027.