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Torr Metals Announces Extension of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2025) - Torr Metals Inc. (TSXV: TMET) ("...
About this update from Torr Metals Inc
[{"type":"text","content":"Torr Metals Announces Extension of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 15, 2025) - Torr Metals Inc. (TSXV: TMET) (\"Torr\" or the \"Company\") is pleased to announce that the TSX Venture Exchange has granted the Company a 30-day extension in respect of its Offering, previously announced on March 27, 2025.The Company intends to raise up to $2,000,000 through an Offering as follows:Up to 3,333,333 flow-through shares of Torr (a \"FT Share\") at a price of $0.15 per FT Share, andUp to 11,538,462 non flow-through units of Torr (each, a \"NFT Unit\") at a price of $0.13 per NFT Unit. Each NFT Unit will consist of one non flow-through common share of Torr (a \"Share\") and one-half of a share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one additional non flow-through common share of Torr at a price of $0.25 per share for a period of twenty-four (24) months from the date or dates of closing of the Offering (a \"Closing Date\"), provided that if the closing market price for Torr's common shares is equal to or greater than $0.35 per share for a period of ten (10) consecutive trading days at any point in time after the first 4 months of the Term, then Torr may deliver a notice (the \"Notice\") via widely disseminated press release, that the Warrants must be exercised within thirty (30) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (PT) on the thirty-first (31st) day after the date of delivery of the Notice.Gross proceeds from the issuance of the FT Shares will be used to incur \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\", as such terms are defined in the Income Tax Act (Canada) (the \"Tax Act\"), on Torr's projects in British Columbia and Ontario that the Company will renounce to the subscribers pursuant to the Tax Act with an effective date not later than December 31, 2025. The Company wishes to specify that up to $400,000 of the proceeds of the FT Shares to support exploration, including a maiden drill program at the Kolos Copper-Gold Project in southern British Columbia, and up to $100,000 will be used towards its new property, Bertha Property, for similar purposes. The proceeds from the sale of the NFT Units will also be used as follows: (1) up...