Torq Resources Inc. Announces Private Placement to Raise Up to C$1.5 Million

VANCOUVER, BC - Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF), a publicly traded company, has launched a private placement targeting up to C$1.5 million. The offering involves 15 million units at $0.10 each, inclusive of a common share and a purchase warrant. These warrants allow the purchase of additional shares at $0.15 within 12 months post-closing.

Warrants included in the offering will expedite their expiry if the company's share price reaches or exceeds $0.30 for 10 consecutive trading days, initiating an expiry 30 days post announcement. The raised funds will support general working capital needs.

The placed securities will adhere to a mandatory four-month-and-one-day hold period in compliance with Canadian laws. The company might also pay a finder’s fee of 6% in cash and warrants. This non-brokered offering is scheduled to close around May 30, 2024, contingent on investor documentation and TSX Venture Exchange approval. Notably, there might be insider participation, using exemptions for valuation and minority shareholder approval requirements.

This offering isn't registered under the U.S. Securities Act of 1933 and is, therefore, restricted from sale in the U.S. unless it meets certain exemption criteria. This proactive financial move by Torq demonstrates its ongoing commitment to growth and operational sustainability.