CALGARY, ALBERTA--(Marketwire - May 21, 2008) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) is pleased to announce that it has closed the non-brokered private placement financing previously announced on May 6, 2008. The financing placed 1,578,900 Units at a price of $0.19 per Unit for gross proceeds of $299,991 (the "Offering"). Certain directors and officers of Torch have subscribed for approximately 1,473,600 of the Units.
Each Unit consists of one (1) common share in the capital of the Corporation issued on a flow through basis (a "Flow Through Share") and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share in the capital of the Corporation (a "Common Share") at an exercise price of $0.30 for a period of twenty four (24) months from the closing of the Offering.
The Flow Through Shares issued as a part of the Units have a four month hold period which shall expire on September 22, 2008 and the Warrants issued as a part of the Units are exercisable until May 20, 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.
TORCH RIVER ANNOUNCES UPDATE ON THE MOUNT COPELAND PROPERTY
Further to its News Release of February 14, 2008 Torch is pleased to announce that the TSX Venture Exchange has conditionally accepted for filing documentation in relation to the option agreement (the "Option Agreement") under which Torch may acquire 100% of a property near Revelstoke, British Columbia (the "Mount Copeland Property").
The Mount Copeland Property featured underground production (1970-73) which produced 169,729 tonnes and recovered 2,625,073 pounds of molybdenum (0.7% recovered Mo). When the Mount Copeland Property was in production in 1970 development work indicated 163,340 tonnes of ore at a grade of 1.83% MoS2 (or 1.1 % molybdenum). The information above is included for comparison purposes only. The information is derived from the MINFILE Record Summary for MINFILE No. 082M 002 (Mount Copeland), B.C. Ministry of Energy, Mines and Petroleum Resources and the MINFILE Productions Detail Report, B.C. Geological Survey, B.C. Ministry of Energy, Mines and Petroleum Resources, which may be viewed at:
http://minfile.gov.bc.ca/Summary.asp... http://minfile.gov.bc.ca/report.aspx...
A report with respect to the Mount Copeland Property is being prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and once completed further details on the Mount Copeland Property will be provided in a subsequent news release.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Forward Looking Information
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Mount Copeland Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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