As you can see from today's newsrelease (below) Torch River is offering a combination of 50% flow-through or tax assisted private placement and 50% non flow-through. Of the $200,000 offering approximately one-third will be purchased by insiders and Directors. Monies raised will be used to fund the Rare Earth Element (REE) summer work program.
If anyone has any questions or an interest in participating please contact me at the numbers below.
John R. Chalcraft, ProActive Communications
#201 - 2383 King George Hwy., White Rock, BC, V4A 5A4
Local: (604) 541-1995; Toll free: 1 (800) 540-1995
email: johnchalcraft@shaw.ca
TORCH RIVER RESOURCES LTD.
FOR IMMEDIATE RELEASE
March 12, 2010
TORCH RIVER ANNOUNCES PRIVATE PLACEMENT
Torch River Resources Ltd. ("Torch" or the "Corporation") is pleased to announce a non-brokered private placement of up to 4,000,000 units (the "Units") at a price of $0.05 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 $0.10 for a period of twenty four (24) months from the closing of the Offering. Each subscriber shall purchase Flow Through Units and non Flow Through Units in equal quantities. Torch anticipates that Insiders of the Corporation will subscribe for over 30% of the placement.
The private placement is expected to close on or about April 12, 2010.
The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
FOR FURTHER INFORMATION PLEASE CONTACT:
William E. Pfaffenberger
President
Torch River Resources Ltd. (www.torchriver.ca)
Telephone No. (403) 444-6888
or
ProActive Communications Co.
Local Vancouver: (604) 541-1995
Or toll free (800) 540-1995
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Torch River Resources Ltd.
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EXPLORATION STAGE |
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CODE : TCR.V |
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ISIN : CA79015E1060 |
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Torch River is a gold and copper exploration company based in Canada. Torch River holds various exploration projects in Canada. Its main exploration properties are MT. COPELAND, GROUSE MOUNTAIN, HIGHROCK ISLAND, NAHMINT and RED BIRD in Canada. Torch River is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.2 millions as of today (US$ 2.2 millions, € 1.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.91, and its lowest recent point on April 12, 2013 at CA$ 0.01. Torch River has 44 888 000 shares outstanding. |