Torq Resources Completes Final Tranche of $0.10 Financing, Secures $300,000 Loan

VANCOUVER, BC / ACCESSWIRE / August 28, 2024 / Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has concluded its non-brokered private placement of equity securities. In this final tranche, the company issued 850,000 units at $0.10 per unit, raising C$85,000. The funds will contribute to the company’s working capital.

Additionally, Torq drew down another $300,000 from its July 11, 2022, credit facility, bringing the total owed to $2,800,000. The lender, 191010 Investments Limited, will receive 3.75 million common share purchase warrants exercisable at $0.08 each until July 11, 2025. This issuance awaits TSX Venture Exchange approval.

The newly issued securities are under a statutory four-month and one-day hold period in Canada. Insiders acquired all 850,000 units, classified as a "related party transaction" under MI 61-101. This participation is exempt from formal valuation and minority shareholder approval requirements.