New NR-More money now on PPMar 16, 2010 14:51 ET
Torch River Announces Addition to Previously Announced Private Placement
CALGARY, ALBERTA--(Marketwire - March 16, 2010) - Torch River Resources Ltd. ("Torch" or the "Corporation") is pleased to announce an additional 2,000,000 non flow through units (the "Units") to its non-brokered private placement of March 12, 2010.
Torch will issue up to 2,000,000 units at a price of
.05 per Unit for gross proceeds of approximately $100,000 (the "Offering"). Each unit will consist of one common share in the capital of the Corporation issued and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of the Corporation at an exercise price of
.10 for a period of sixty (60) months from the closing of the Offering.
This addition brings the total proceeds of the offering to $300,000.
Torch announced on March 12, 2010 a non-brokered private placement of up to 4,000,000 units at a price of
.05 per Unit for gross proceeds of approximately $200,000 (the "Offering"). Up to 2,000,000 units (the "Flow-through Units") will consist of one (1) flow-through common share in the capital of the Corporation issued and one common share purchase warrant (a "Warrant"). The further units, comprising of up to 2,000,000 units will consist of one (1) common share ("Common Share") in the capital of the Corporation issued and one common share purchase Warrant. Each Warrant will entitle 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. Each subscriber shall purchase Flow Through Units and non Flow Through Units in equal quantities. Torch anticipates that Insiders of the Corporation will subscribe for over 30% of the placement.
The common shares and warrants have a four month hold period from the closing date of the Offering.
The private placement is expected to close on or about April 12, 2010.
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.