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Torr Metals Announces $1 Million Fully-Subscribed Flow-Through Private Placement from Sprott Asset Management LP
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2022) -  Torr Metals Inc. (TSXV:...
About this update from Torr Metals Inc
[{"type":"text","content":"Torr Metals Announces $1 Million Fully-Subscribed Flow-Through Private Placement from Sprott Asset Management LPVancouver, British Columbia--(Newsfile Corp. - April 26, 2022) -  Torr Metals Inc. (TSXV: TMET) (\"Torr\" or the \"Company\") is pleased to announce that it has arranged a non-brokered private placement of common shares (\"Shares\") at a price of $0.33 per Share for total proceeds of up to $1,000,000 through the issuance of up to 3,030,303 Shares (the \"Private Placement\"), which is fully subscribed from funds managed by Sprott Asset Management LP.Each Share will be issued as a \"flow-through share\" as defined in the Income Tax Act (Canada) (the \"Tax Act\"). The Company will use the proceeds of the Private Placement to incur \"Canadian exploration expenses\" within the meaning of the Tax Act (\"CEE\") on its Latham Copper-Gold Project during the period from the closing date of the Private Placement to and including December 31, 2022. The Company will renounce the CEE to the subscribers in the Private Placement with an effective date no later than December 31, 2022.The Private Placement is subject to the acceptance of the TSX Venture Exchange. The Shares will be subject to a hold period of four months from the closing date of the Private Placement. The Company may pay finder's fees to arm's length finders equal to 4% of the proceeds raised.About Torr MetalsTorr Metals is a Vancouver based mineral exploration company focused on defining and developing the substantial exploration and resource potential of the ~689 km2 Latham Copper-Gold Project, located within the prolific Golden Triangle of northern British Columbia. Year-round access is provided by Highway 37 with the project being favourably located 16 km south of the regional airport in Dease Lake. For further details about the Latham Copper-Gold Project, please refer to the Company's website or current geological Technical Report (August 24, 2021) filed on November 25, 2021 under the Company's profile on SEDAR at www.sedar.com.On behalf of the Board of DirectorsTorr Metals Inc.\"Malcolm Dorsey\"Malcolm DorseyPresident, CEO and DirectorFor further information:Malcolm DorseyTelephone: 236-982-4300Email: [email protected] the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ventu...