News Torch River Announces Private PlacementTorch River Announces Private Placement
CALGARY, ALBERTA, Feb 16, 2009 (Marketwire via COMTEX News Network) --
Torch River Resources Ltd. (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) ("Torch" or the "Corporation") is pleased to announce a non-brokered private placement of up to 1,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of approximately $50,000 (the "Offering"). Each Unit will consist of one (1) common share ("Common Share") in the capital of the Corporation issued on a flow through basis and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation at an exercise price of $0.15 for a period of twelve (12) months from the closing of the Offering. Torch anticipates that Insiders of the Corporation will subscribe for over 25% of the placement.
The private placement is expected to close on or about February 27, 2009.