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Torrent Capital Announces Closing of $8.75 Million Financing
Halifax, Nova Scotia--(Newsfile Corp. - February 10, 2025) - Torrent Capital Ltd. (TSXV: TORR) (t...
About this update from Torrent Capital Ltd
[{"type":"text","content":"Torrent Capital Announces Closing of $8.75 Million FinancingHalifax, Nova Scotia--(Newsfile Corp. - February 10, 2025) - Torrent Capital Ltd. (TSXV: TORR) (the \"Company\" or \"Torrent\") is pleased to announce the closing of its previously announced equity financing of 12,511,057 units (the \"Units\") at an issue price of $0.70 per Unit for gross proceeds of $8,757,740 (the \"Offering\"). Wade Dawe, CEO and Board Chair of Torrent, added, \"We are pleased to complete this financing with strong insider participation while at the same time expanding Torrent's shareholder base. This is the first financing completed by Torrent since becoming a publicly listed Investment Issuer in 2017. We are enthusiastic about the growth potential and opportunities in decentralized finance, and specifically, we plan to make significant investments in Solana cryptocurrency.\"With respect to the Offering, the Company relied on the \"Listed Issuer Financing Exemption\" provided for in Part 5A of National Instrument 45-106 – Prospectus Exemptions for the issuance of 5,368,200 Units (the \"LIFE Offering\"). The concurrent non-brokered prospectus exempt offering of 7,142,857 Units (the \"Concurrent Offering\") was conducted by way of private placement subject to a 4-month hold period as set out in the National ‎Instrument 45-102 – Resale of Securities of the Company (\"NI 45-102\").Each Unit consists of one common share of the Company (each a \"Common Share\") and three-quarters of one Common Share purchase warrant of the Company (each full warrant, a \"Warrant\" and collectively the \"Warrants\"). Each Warrant will be exercisable at $1.10 for a period of 24 months, ‎provided that if the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is at ‎‎least $2.20 per Common Share for a period of ten consecutive trading days, the expiry date of the Warrants may be ‎accelerated by the Company to a date that is not less than 30 days after the date that ‎notice of such acceleration is provided to the Warrant holders by way of a press release (and concurrent written notice is provided to the warrant agent).The LIFE Offering was made through a syndicate of agents led by Canaccord Genuity Corp., and including Ventum Financial Corp. Numus Capital Corp. (\"Numus\"), a ...