News This WeekTorch River Announces Close of Private Placement and Drill Programs
Press Release Source: Torch River Resources Ltd.
On Friday May 27, 2011, 8:30 am EDT
CALGARY, ALBERTA--(Marketwire - May 27, 2011) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR - News; FRANKFURT:WNF - News; PINK SHEETS:TORVF - News) is pleased to announce that it has closed the non-brokered private placement announced April 25, 2011. The Corporation issued 5,400,000 (the "Units") at a price of
.05 per Unit for gross proceeds of $270,000 (the "Offering"). 3,400,000 units (the "Flow-through Units") consisted of one (1) common share in the capital of the Corporation issued and one-half (1/2) common share purchase warrant (a "Warrant"). The further 2,000,000 units, consisted of one (1) common share ("Common Share") in the capital of the Corporation issued and one common share purchase Warrant. Each Warrant entitles the holder to purchase one Common Share of the Corporation at an exercise price of
.10 for a period of twenty four (24) months from the closing of the Offering.
The insiders of the Corporation subscribed for over 25% of the placement.
The proceeds of the private placement will be used as working capital to fund the work programs on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals. The units and warrants are subject to a four month hold period.
Torch will be drilling at Fort Elden by mid-June. The late spring in British Columbia has delayed the drilling on the property. Fort Elden is a large porphyry target with copper, silver and molybdenum showings. Torch is also planning a substantial drill program to begin in September on its 100% owned Mt. Copeland rare earth (REE) and high grade molybdenum property near Revelstoke, B.C.
Forward Looking Information
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding Torch's work programs. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.