Torq Resources Inc. has closed its previously announced private placement, raising C$1,700,191.20 through the issuance of 34,003,824 units at C$0.05 per unit. The placement includes C$170,191.20 from Gold Fields Atacama Holdings Inc., a wholly owned affiliate of international major mining company Gold Fields Limited. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable at C$0.10 per share until September 16, 2029. The company paid finder's fees of C$29,700.00 in cash and issued 594,000 non-transferable finder's warrants on the same terms. Torq said it intends to use the net proceeds for general working capital, and the securities issued are subject to a four-month and one day hold period in Canada expiring January 17, 2027.
Gold Fields Ltd ADRGold Fields' affiliate participated with C$170,191.20 in Torq's C$1.7M private placement, a financing event involving the major miner.
