Torch River Resources Ltd.
TSX VENTURE : TCR

Torch River Resources Ltd.

June 27, 2008 00:47 ET

Torch River Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - June 27, 2008) - Torch River Resources Ltd. (TSX VENTURE:TCR) ("Torch" or the "Corporation") is pleased to announce that it has closed the non-brokered private placement financing previously announced on June 16, 2008. The financing placed 952,380 flow-through units (the "Units") at a price of $0.21 each to the MineralFields Group for gross proceeds of $200,000.

Each Unit consists of one (1) common share ("Common Share") in the capital of the Corporation issued on a flow through basis and one half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation at an exercise price of $0.30 for a period of twenty four (24) months.

The Common Shares issued as a part of the Units have a four month hold period which shall expire on October 21, 2008 and the Warrants issued as a part of the Units are exercisable until June 20, 2010.

A finder's fee of $12,000 and 57,143 finder's fee Warrants were paid to Limited Market Dealer Inc. The finder's fee Warrant provides for the purchase of one Common Share exercisable within a twenty four (24) month period at a price of $0.30 per Common Share.

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 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