Torr Canada Inc.
TSX VENTURE : TOR

May 11, 2006 16:13 ET

Torr Canada Inc. Announces $20,130,000 Offering

MONTREAL, QUEBEC--(CCNMatthews - May 11, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TORR CANADA INC. (TSX VENTURE:TOR)("TCI"), which trades on the TSX Venture Exchange under the symbol "TOR", is pleased to announce that it has entered into an agreement for a "bought-deal" offering with Blackmont Capital Inc. (the "Underwriter") pursuant to which the Underwriter, together with a syndicate of underwriters, has agreed to purchase 12,200,000 common shares, at a price of $1.65 per share, for aggregate proceeds to TCI of $20,130,000. The Offering is expected to close on or about June 1, 2006 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities will be issued via a short-form prospectus and in accordance with applicable securities laws.

The proceeds raised from the Offering shall be used by TCI to pursue its strategic plan.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

TCI is a world leader in the development of leading edge technologies for hydrocarbon remediation. Through the use of its proprietary RPA® and TORR™ Technologies, TCI is dedicated to the extraction of hydrocarbons from upstream Oil & Gas produced water. The Company provides to its customers superior economic and environmental benefits while yielding a return to shareholders.

Forward Looking Statements

Statements in this document that may be considered forward-looking are based on management's current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

For more information, please refer to the TCI's website at www.torrcanada.com.

THE TSX VENTURE EXCHANGE, INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

Contact Information

  • Torr Canada Inc.
    Jacques L. Drouin
    Chief Financial Officer & Corporate Secretary
    (514) 522-5550, ext. 226
    jdrouin@torrcanada.com