Torq Resources Increases Private Placement to $1.7 Million

Torq Resources Inc., a Vancouver-based exploration company, has announced an upsizing of its private placement financing from $1.5 million to $1.7 million. The company will issue 34,003,824 units at C$0.05 per unit, raising gross proceeds of C$1,700,191.20. Notably, Gold Fields Atacama Holdings Inc. contributes C$170,191.20, increasing its ownership in Torq to 10.95%.

Each unit comprises one common share and one warrant exercisable at C$0.10 for three years. Proceeds are designated for general working capital. The placement awaits final approval from the TSX Venture Exchange.

The company will also extend its C$2.8 million loan, with an issue of 56,000,000 warrants exercisable at C$0.05. This extension allows Torq additional time to explore financing options.

CEO Shawn Wallace expressed appreciation for investor support and emphasized ongoing exploration efforts.