CALGARY, ALBERTA--(CCNMatthews - Feb. 13, 2007) - Torch River Resources Ltd. ("Torch") (TSX VENTURE:TCR) announces that the Board of Directors have approved the issuance of Two Hundred and Fifty Thousand (250,000) share options to a company, AGORACOM Investor Relations ("AGORACOM"). This grant of share options is a term of an agreement between Torch and AGORACOM in which AGORACOM will provide investor relations services to Torch for a period of Twelve (12) months in return for Three Thousand Dollars ($3000.00) per month and the share options. The share options are at an exercise price of $0.17 per share. The options have a term that ends two (2) years after the date of grant ("Date of Grant") and vest:
(a) one-fourth (1/4) of the Two Hundred and Fifty Thousand (250,000) share options on the three (3) month anniversary date of the Date of Grant;
(b) one-fourth (1/4) of the Two Hundred and Fifty Thousand (250,000) share options on the six (6) month anniversary date of the Date of Grant;
(c) one-fourth (1/4) of the Two Hundred and Fifty Thousand (250,000) share options on the nine (9) month anniversary date of the Date of Grant; and
(d) one-fourth (1/4) of the Two Hundred and Fifty Thousand (250,000) share options on the twelve (12) month anniversary date of the Date of Grant.
Although the share options vest in quarterly amounts over the next Twelve (12) months, AGORACOM has elected not to exercise any such options until after the first Twelve (12) months of its provision of services.
A further News Release will be issued jointly by Torch and AGORACOM outlining the terms of the agreement between the parties.
This grant of share options and the agreement are all 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:
Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888