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Torq Resources Announces Best Efforts Private Placement Financing for at Least C$4.0 Million and up to C$6.26 Million
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PE...
About this update from Torq Resources Inc.
[{"type":"text","content":"Torq Resources Announces Best Efforts Private Placement Financing for at Least C$4.0 Million and up to C$6.26 MillionNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA.VANCOUVER, BC / ACCESSWIRE / March 1, 2023 / Torq Resources Inc. (TSX-V:TORQ, OTCQX:TRBMF) (the \"Company\" or \"Torq\") is pleased to announce a best efforts private placement financing (the \"Offering\") for total proceeds of at least C$4.0 million and up to approximately C$6.26 million, consisting of at least 6,666,700 and up to 10,434,000 units of the Company (the \"Units\") at a price of C$0.60 per Unit. In connection with the Offering, the Company has entered into an engagement letter with Paradigm Capital Inc. (the \"Agent\") to act as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed.Each Unit will be comprised of one common share (a \"Common Share\") and one half of one common share purchase warrant of Torq. Each whole common share purchase warrant will be exercisable for three years from the Closing Date at an exercise price of C$0.80 per Common Share.The net proceeds from the Offering will be used for exploration of the Company's Santa Cecilia project and Margarita project and for general corporate and working capital purposes, each as detailed in the Disclosure Document.The Units will be offered for sale in each of the provinces of Canada (other than Quebec) pursuant to the listed issuer financing exemption (the \"LIFE Exemption\") under Part 5A of National Instrument 45-106 - Prospectus Exemptions. The Company has filed a Form 45-106F19 offering document (the \"Disclosure Document\") with the securities commissions or similar regulatory authorities in each of the provinces of Canada (other than Quebec). As the Offering is being completed pursuant to the LIFE Exemption, the Units issued in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.There is an offering document related to this offering that can be accessed under the issuer's profile at www.sedar.com and at www. torqresources.com. Prospective investors should read this offering document before making an investment decision.The ...