CALGARY, ALBERTA--(Marketwire - Nov. 23, 2012) - Torch River Resources Ltd. ("Torch" or the "Corporation") (News - Market indicators) (FRANKFURT:WNF) (PINKSHEETS:TORVF) is pleased to announce that it has closed the non-brokered private placement announced September 24, 2012. Torch will issue 4,250,000 common shares (the "Common Shares") at a price of $0.02 per share for gross proceeds of $85,000 (the "Offering"). The Offering consists of one (1) common share in the capital of the Corporation issued and one common share purchase Warrant. Each Warrant entitles the holder to purchase one Common Share of the Corporation at an exercise price of $0.07 in the first year and $0.10 in the second year from the closing of the Offering.
The proceeds of the private placement will be used for the following activities:
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.