Torq Resources (TRBMF) has completed a recapitalization through two key transactions totaling C$3.12 million. The company executed a private placement of 25.15 million units at C$0.06 per unit, raising C$1.51 million. Each unit includes a share and a warrant exercisable at C$0.12 until June 2027. Additionally, Torq settled C$1.30 million in debt by issuing shares and units to creditors, primarily related to the 2024 Minera Santa Drilling Campaign. The company paid C$51,012 in finder's fees and issued 800,200 finder's warrants. Torq is seeking approval to extend its credit facility to July 2026. The company expects these transactions to strengthen its financial position for more active operations in 2025, with ongoing exploration at the Santa Cecilia project funded by Gold Fields under an earn-in option.
Torq Resources (TRBMF) ha completato una ricapitalizzazione attraverso due operazioni chiave per un totale di 3,12 milioni di dollari canadesi. La società ha effettuato un collocamento privato di 25,15 milioni di unità a 0,06 CAD ciascuna, raccogliendo 1,51 milioni di CAD. Ogni unità comprende un'azione e un warrant esercitabile a 0,12 CAD fino a giugno 2027. Inoltre, Torq ha estinto un debito di 1,30 milioni di CAD emettendo azioni e unità ai creditori, principalmente legati alla campagna di perforazione Minera Santa 2024. La società ha pagato 51.012 CAD in commissioni di intermediazione e ha emesso 800.200 warrant per gli intermediari. Torq sta cercando l'approvazione per estendere la sua linea di credito fino a luglio 2026. L'azienda prevede che queste operazioni rafforzeranno la sua posizione finanziaria per operazioni più attive nel 2025, con esplorazioni in corso nel progetto Santa Cecilia finanziate da Gold Fields nell'ambito di un'opzione earn-in.
Torq Resources (TRBMF) ha completado una recapitalización mediante dos transacciones clave que suman un total de 3,12 millones de dólares canadienses. La compañía realizó una colocación privada de 25,15 millones de unidades a 0,06 CAD por unidad, recaudando 1,51 millones de CAD. Cada unidad incluye una acción y un warrant ejercitable a 0,12 CAD hasta junio de 2027. Además, Torq saldó una deuda de 1,30 millones de CAD emitiendo acciones y unidades a los acreedores, principalmente relacionadas con la campaña de perforación Minera Santa 2024. La empresa pagó 51.012 CAD en comisiones de intermediación y emitió 800.200 warrants para intermediarios. Torq busca la aprobación para extender su línea de crédito hasta julio de 2026. La compañía espera que estas transacciones fortalezcan su posición financiera para operaciones más activas en 2025, con exploración continua en el proyecto Santa Cecilia financiada por Gold Fields bajo una opción earn-in.
Torq Resources (TRBMF)는 총 312만 캐나다 달러 규모의 두 가지 주요 거래를 통해 자본 재구성을 완료했습니다. 회사는 단가 0.06 캐나다 달러로 2,515만 단위를 사모 발행하여 151만 캐나다 달러를 조달했습니다. 각 단위는 주식 1주와 2027년 6월까지 행사 가능한 0.12 캐나다 달러 행사가격의 워런트를 포함합니다. 또한 Torq는 주로 2024년 Minera Santa 시추 캠페인과 관련된 채권자들에게 주식 및 단위를 발행하여 130만 캐나다 달러의 부채를 상환했습니다. 회사는 중개 수수료로 51,012 캐나다 달러를 지급하고 800,200개의 중개인 워런트를 발행했습니다. Torq는 신용 시설을 2026년 7월까지 연장하는 승인을 요청 중입니다. 이 거래들은 2025년 보다 활발한 운영을 위한 재무 상태 강화를 목표로 하며, Gold Fields가 인수 옵션에 따라 자금을 지원하는 Santa Cecilia 프로젝트의 탐사가 계속 진행 중입니다.
Torq Resources (TRBMF) a finalisé une recapitalisation via deux opérations clés totalisant 3,12 millions de dollars canadiens. La société a réalisé un placement privé de 25,15 millions d’unités à 0,06 CAD l’unité, levant ainsi 1,51 million CAD. Chaque unité comprend une action et un warrant exerçable à 0,12 CAD jusqu’en juin 2027. Par ailleurs, Torq a réglé une dette de 1,30 million CAD en émettant des actions et des unités aux créanciers, principalement liées à la campagne de forage Minera Santa 2024. La société a payé 51 012 CAD en frais d’intermédiaire et émis 800 200 warrants d’intermédiaire. Torq cherche à obtenir l’approbation pour prolonger sa facilité de crédit jusqu’en juillet 2026. Ces opérations devraient renforcer la position financière de l’entreprise en vue d’une activité plus soutenue en 2025, avec une exploration continue du projet Santa Cecilia financée par Gold Fields dans le cadre d’une option earn-in.
Torq Resources (TRBMF) hat eine Rekapitalisierung durch zwei wichtige Transaktionen mit einem Gesamtvolumen von 3,12 Millionen kanadischen Dollar abgeschlossen. Das Unternehmen führte eine Privatplatzierung von 25,15 Millionen Einheiten zu je 0,06 CAD durch und erzielte so 1,51 Millionen CAD. Jede Einheit umfasst eine Aktie und einen bis Juni 2027 ausübbaren Warrant mit einem Ausübungspreis von 0,12 CAD. Zusätzlich beglich Torq Schulden in Höhe von 1,30 Millionen CAD durch die Ausgabe von Aktien und Einheiten an Gläubiger, hauptsächlich im Zusammenhang mit der Minera Santa Bohrkampagne 2024. Das Unternehmen zahlte 51.012 CAD an Vermittlungsgebühren und gab 800.200 Vermittler-Warrants aus. Torq beantragt die Genehmigung zur Verlängerung seiner Kreditfazilität bis Juli 2026. Das Unternehmen erwartet, dass diese Transaktionen seine finanzielle Position stärken und aktivere Betriebsabläufe im Jahr 2025 ermöglichen, wobei die laufende Exploration des Santa Cecilia-Projekts durch Gold Fields im Rahmen einer Earn-in-Option finanziert wird.
Positive
Successful completion of C$1.51 million private placement strengthens working capital
Settlement of C$1.30 million in debt improves balance sheet
Exploration at Santa Cecilia project is funded by Gold Fields through earn-in option, preserving cash
Two-year warrants provide potential additional funding at C$0.12 exercise price
Negative
Significant dilution from issuing 25.15 million units at a low price of C$0.06 per unit
Additional dilution from debt settlement through share issuance
Company still seeking credit facility extension, indicating ongoing financing needs
Low unit pricing at C$0.06 suggests weak market position
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES
VANCOUVER, BC / ACCESS Newswire / June 6, 2025 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") is pleased to announce that, further to its March 24, 2025 news release, it has completed its previously announced private placement, by issuing 25,152,633 units of the Company (each, a "Unit") at an offering price of $0.06 per Unit for gross proceeds of C$1,509,158 (the "Offering"). Each Unit consists of one common share (a "Share") and a Share purchase warrant (each, a "Warrant") exercisable until June 6, 2027 to acquire a Share for C$0.12.
The Warrants are subject to an accelerated expiry if, anytime following the date that is four months after the Closing Date, the closing price of the common shares of the Company on the TSXV, or such other market as the common shares may trade from time to time, is or exceeds $0.30 for any 10 consecutive trading days, in which event the holder of the Warrants may, at the Company's election, be given notice and the Company will issue a press release announcing that the financing Warrants will expire 30 days following the date of such press release. The Offering Warrants may be exercised by the holder of the Warrant during the 30-day period after the date of the press release announcing the accelerated expiry date. The placement proceeds from the Offering will be used for working capital.
In addition, the Company has issued 1,998,829 Shares to non-arm's length creditors and 19,619,394 Units (identical to those in the Offering) to arm's length creditors to settle an aggregate of $1,297,093.60 of debts (the "Debt Settlement"). The debts relate primarily to the 2024 Minera Santa Drilling Campaign and also include $310,000 which was advanced and spent pursuant to the previous private placement financing, announced on October 2, 2024 and November 18, 2024, which did not complete.
In connection with the closing of the Offering, the Company paid cash finder's fees of $51,012 and issued 800,200 non-transferable one-year finder's warrants. Each finder's warrant will entitle the holder thereof to purchase one common share of the Company at the exercise price of C$0.06 until June 6, 2026. Each finder's warrant is also subject to the accelerated expiry as described above.
The Company is continuing to seek regulatory approval for the extension of its credit facility for a further one-year period until July 11, 2026.
In accordance with applicable securities laws, the securities issued under the Offering and Debt Settlement are subject to a statutory four-month and one-day hold period from the date of issuance in Canada.
There was no insider participation in the Offering. 1,998,829 shares were issued to non-arm's length creditors in the Debt Settlement. The Company will be relying on the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Related Party Transactions, as neither the fair market value of any securities issued to nor the consideration paid by such person could exceed $2.5 million or 25% of the Company's market capitalization.
None of these securities will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or else in compliance with the requirements of an applicable exemption therefrom.
A Message from Shawn Wallace, CEO:
"The Offering and Debt Settlement transactions greatly improve our financial position and should provide the impetus for a more active 2025. We are looking forward to the receipt of assays on the Santa Cecilia project where exploration funding is being provided by Gold Fields under an earn-in option."
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.
What is the total value of Torq Resources' (TRBMF) recapitalization transactions in June 2025?
Torq Resources completed recapitalization transactions totaling C$3.12 million, consisting of a C$1.51 million private placement and C$1.30 million in debt settlement.
What are the terms of TRBMF's private placement warrants announced in June 2025?
The warrants are exercisable at C$0.12 until June 6, 2027, with an accelerated expiry clause if shares trade at or above C$0.30 for 10 consecutive days.
How much debt did Torq Resources (TRBMF) settle in the June 2025 transaction?
Torq Resources settled C$1.30 million in debt by issuing 1,998,829 shares to non-arm's length creditors and 19,619,394 units to arm's length creditors.
What is the purpose of Torq Resources' June 2025 financing?
The proceeds from the private placement will be used for working capital, while the debt settlement primarily addresses obligations from the 2024 Minera Santa Drilling Campaign.
Who is funding the exploration at Torq Resources' Santa Cecilia project?
Gold Fields is funding the exploration at the Santa Cecilia project through an earn-in option agreement with Torq Resources.
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