Torq Resources Concludes $3.12 Million Recapitalization

Torq Resources Inc., based in Vancouver, has successfully completed its previously announced private placement. The company issued 25,152,633 units at $0.06 each, raising C$1,509,158 in gross proceeds. Each unit comprises a common share and a warrant, exercisable until June 2027, to purchase a share at C$0.12. Warrants are subject to accelerated expiry if the share price reaches $0.30 for 10 consecutive days, allowing holders to exercise within 30 days following a press release.

Furthermore, Torq issued 1,998,829 shares to settle C$1,297,093.60 of debt, linked to the 2024 Minera Santa Drilling Campaign. The company is seeking regulatory approval for a credit facility extension until July 2026. No insider participation was involved in the offering.

CEO Shawn Wallace stated the transactions enhance the company's financial standing and anticipate positive developments at the Santa Cecilia project, with exploration funded by Gold Fields. The securities issued are not registered under U.S. law, limiting sale in the United States without registration or exemption.