Torq Resources Shareholders Overwhelmingly Approve Santa Cecilia Joint Venture Transaction at Annual General and Special Meeting

About this update from Torq Resources Inc.

[{"type":"text","content":"Torq Resources Shareholders Overwhelmingly Approve Santa Cecilia Joint Venture Transaction at Annual General and Special MeetingVANCOUVER, BC / ACCESSWIRE / January 10, 2025 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) (\"Torq\" or the \"Company\") is pleased to announce the voting results for the Annual General and Special Meeting (the \"Meeting\" ) of Shareholders held on January 10, 2025, in Vancouver, British Columbia. Shareholder participation at the Meeting was a record 55.8% compared with a 5-year average of 29.5%.A total of 77,643,691 common shares were voted in connection with the Meeting, representing approximately 55.83% of the Company's issued and outstanding common shares. The voting results are as follows:Approval of Gold Fields Option and Joint VentureIn addition to routine annual matters, Torq shareholders were asked to consider and if thought fit, approve by a disinterested majority, a proposed earn-in option into and joint venture for the Company's Santa Cecilia project in Chile. The option and joint venture is to be entered into pursuant to the implementation agreement dated November 29, 2024 (the \"Implementation Agreement\") between the Company, Minera Santa SpA and Gold Fields Pedernales Limitada (the \"Gold Fields Affiliate\"), an affiliate of Gold Fields Limited (\"Gold Fields\"). Under the earn-in option, the Gold Fields Affiliate will acquire the right to earn into up a 75% interest in the project by spending up to USD$48 million over a period of up to 6 years. Disinterested shareholders approved the transactions contemplated by the Implementation Agreement by over a 99% plurality. Gold Fields is presently the indirect owners of 20,678,260 common shares of the Company held by another Gold Fields affiliate. The common shares held by Gold Fields were excluded from voting on the resolution approving the transactions contemplated by the Implementation Agreement in accordance with the disinterested vote requirements under Canadian securities laws. Completion of the transactions contemplated by the Implementation Agreement remain subject to the approval of the TSX Venture Exchange and satisfaction of the other conditions to closing under the Implementation Agreement. NUMBER OF SHARESPERCENTAGE OF VOTES CAST FORAGAINSTWITHHELD/ABSTAINRESTRICTED (Not Voted)NON VOTEFORAGAINSTWITHHELD/ABSTAINOption and Joint Ve...

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