Torq Resources to Raise up to C$2 Million in Equity Financing

Vancouver-based Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has announced a private placement aiming to raise up to CAD$2 million. The Company plans to offer up to 25 million units at CAD$0.08 per unit. Each unit consists of one common share and one share purchase warrant, allowing holders to purchase additional shares at CAD$0.16 within 24 months post-closing.

The warrants are subject to an accelerated expiry if shares trade at or above CAD$0.30 for 10 consecutive days, post four months from closing. Proceeds from the offering will be used for general working capital. Closing is expected by October 31, 2024, pending regulatory approval.

The offering is non-brokered, but a 6.0% finder’s fee and warrants may be issued to eligible persons referring investors. Insiders may participate, relying on exemptions from formal valuation and minority approval requirements.