RE: Sprott Asset Mgmt Investing In Moly - belovedactually it isn't old news. sprott's interest in moly is old news, but the tcr private placement is new news.
I hold both companies.
"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."