Torq Resources closes C$1.7M private placement at C$0.05 per unit

Torq Resources Inc. (TSX-V: TORQ)(OTCQB: TRBMF) has closed a private placement raising C$1,700,191.20 through the issuance of 34,003,824 units priced at C$0.05 per unit, according to a company statement.

Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.10 per share until September 16, 2029. The Vancouver-based copper and gold exploration company said proceeds will be used for general working capital.

Gold Fields Atacama Holdings Inc., a wholly owned affiliate of Gold Fields Limited, participated in the placement for C$170,191.20. The company noted that Gold Fields' participation constitutes a related party transaction under Multilateral Instrument 61-101, but said it qualified for exemptions from formal valuation and minority shareholder approval requirements because the fair market value of insider participation did not exceed C$2.5 million or 25% of the company's market capitalization.

In connection with the placement, Torq paid cash finder's fees of C$29,700 and issued 594,000 non-transferable finder's warrants, also exercisable at C$0.10 per share until September 16, 2029.

Securities issued under the placement are subject to a four-month and one day hold period in Canada, expiring January 17, 2027.

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