RE: NEWS! Sprott Asset Mgmt & TCRFEBRUARY 9, 2007 - 09:00 ET
Torch River Resources Ltd.: News Release
CALGARY, ALBERTA--(CCNMatthews - Feb. 9, 2007) - Torch River Resources Ltd. (TSX VENTURE:TCR) is pleased to announce a non-brokered private placement of up to 4,666,667 units (the "Units") at a price of $0.15 per Unit to a company controlled by Sprott Asset Management Inc. Such Units are to be comprised of one (1) Common Share and one (1) Common Share Purchase Warrant providing for the purchase of one (1) Common Share exercisable within a twenty-four (24) month period at a price of $0.18 per Common Share for gross proceeds of approximately $700,000.00.
A finder's fee to Fort House Inc. consisting of cash in the amount of 8% of the Units subscribed for and a finder's fee Brokers' Warrant in the amount of 5% of the number of Units subscribed for will be paid. The finder's fee Brokers' Warrant shall provide for the purchase of one (1) Common Share exercisable within a twenty-four (24) month period at a price of $0.18 per Common Share.
The private placement is expected to close on or about February 21, 2007.
The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this release.