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.
Torch River is an exploration gold and copper 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.