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Torq Secures C$15 Million Strategic Investment from Gold Fields
VANCOUVER, BC / ACCESSWIRE / September 6, 2022 / Torq Resources Inc. (TSX-V:TORQ, OTCQX:TRBMF...
About this update from Torq Resources Inc.
[{"type":"text","content":"Torq Secures C$15 Million Strategic Investment from Gold FieldsVANCOUVER, BC / ACCESSWIRE / September 6, 2022 / Torq Resources Inc. (TSX-V:TORQ, OTCQX:TRBMF) (\"Torq\" or the \"Company\") is pleased to announce a C$15 million non-brokered private placement with a wholly owned affiliate of NYSE listed international gold mining company, (\"Gold Fields\"), at a purchase price of C$1.00 per share. The funds will be used to advance Torq's portfolio of projects in Chile, primarily its Santa Cecilia gold-copper project, where the Company has recently signed a 7-year social access agreement, which covers the length of the underlying option agreement and most importantly will allow for drilling and other exploration activities to commence. The Company will issue an aggregate of 15,000,000 Torq common shares at $1.00, which represents a 23% premium to the 20-day average trading price of Torq's common shares on the TSX Venture Exchange, ending September 2, 2022. Upon closing of the private placement, Gold Fields will own approximately 15.05% of Torq's issued and outstanding shares (undiluted).A Message from Shawn Wallace, CEO & Chair:\"We are very pleased to have attracted Gold Fields as a strategic investor in Torq. An investment of this size at this early stage of exploration represents tremendous confidence in our projects, our approach and our team. This capital will primarily finance the highly anticipated maiden drill program at our flagship Santa Cecilia gold-copper project, as well as additional drilling at Margarita, where we have been working to expand upon our exciting new discovery.\"A Message from Chris Griffiths, CEO, Gold Fields:\"The investment in Torq will strengthen our presence in Chile, which is a highly prospective and stable mining destination. It further boosts our exploration efforts with two of Torq's exploration projects to augment our Salares Norte project, which is set to come on stream next year.\"Torq and Gold Fields have signed an investment agreement that, amongst other things:Entitles Gold Fields to a pre-emptive right to maintain its ownership percentage, subject to certain conditionsSubjects Gold Fields to a customary share purchase standstill regarding increasing its position without approval from the Company, apart from customary release conditions such as a third-party bid or similar transactionCre...