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Torrent Gold Announces Closing of $480,000 Private Placement Offering
VANCOUVER, BC, March 9, 2026 /CNW/ - Torrent Gold Inc. (CSE: TGLD) (Frankfurt: RV0) ("Torrent" or the "Company") has closed the previously announced non-brokere
About this update from Torrent Gold Inc
[{"type":"text","content":"VANCOUVER, BC, March 9, 2026 /CNW/ - Torrent Gold Inc. (CSE: TGLD) (Frankfurt: RV0) (\"Torrent\" or the \"Company\") has closed the previously announced non-brokered private placement (the \"Private Placement\"), effective March 6, 2026, whereby the Company issued 2,400,000 common shares in the capital of the Company (\"Common Shares\") at a price of $0.20 per Common Share for aggregate gross proceeds of $480,000. As part of the Private Placement, the Company has fully settled debt owing to certain of its directors and officers who participated in the Private Placement, through the issuance of 550,000 Common Shares. The board of directors of the Company (the \"Board\") has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of Common Shares in order to preserve the Company's cash for working capital. It is expected that the net proceeds from the Private Placement will be primarily used to settle current accounts payable and for general working capital purposes. The Company paid a cash commission of $6,300 to Haywood Securities Inc. in connection with subscriptions received from subscribers they introduced to the Private Placement. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. Richard Cindric, President & Chief Executive Officer and director of the Company, Scott Davis, Chief Financial Officer of the Company, and Saf Dhillon and Andy Jagpal, directors of the Company, are \"related parties\" of the Company pursuant to Multilateral Instrument 61-101 – Take Over Bids and Special Transactions (\"MI 61-101\") and participated in the Private Placement. Accordingly, the Private Placement constitutes a \"related party transaction\" within the meaning of MI 61-101. Pursuant to the Private Placement, Richard Cindric received an aggregate of 100,000 Common Shares, Scott Davis received an aggregate of 200,000 Common Shares, Saf Dhillon received an aggregate of 250,000 Common Shares, and Andy Jagpal received an aggregate of 100,000 Common Shares. The Company is relying on the exemptions from the formal valuation requirement under section 5.5(b) of MI 61-101 and the minority shareholder approval requirement under section 5.7(a) of MI 61-101, as ...