Torch River Resources Ltd.
TSX VENTURE : TCR

Torch River Resources Ltd.

March 22, 2007 09:00 ET

Torch Announces Private Placement With Gross Proceeds of Up to $1.25 Million

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) - Torch River Resources Ltd. ("Torch")(TSX VENTURE:TCR) is pleased to announce a non-brokered private placement of up to 2,500,000 units (the "Units") at a price of $0.50 per Unit. Such Units are to be comprised of one (1) Common Share and one (1) Common Share Purchase Warrant providing for the purchase of one (1) Common Share exercisable within a twenty-four (24) month period at a price of $0.65 per Common Share for gross proceeds of approximately $1,250,000.00.

A finder's fee to PowerOne Capital Markets Limited consisting of cash in the amount of 7% (no G.S.T. payable) of the Units subscribed for and a finder's fee Broker Common Share Purchase Warrant in the amount of 10% of the number of Units subscribed for will be paid. The finder's fee Broker Common Share Purchase Warrant shall provide for the purchase of one (1) Common Share exercisable within a twenty-four (24) month period at a price of $0.50 per Common Share.

The private placement is expected to close on or about March 28, 2007.

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. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Torch River Resources Ltd.
    William E. Pfaffenberger
    President
    (403) 444-6888
    Website: www.torchriver.ca