Torch River Resources Ltd.

Torch River Resources Ltd.

September 16, 2008 11:37 ET

Torch River Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 16, 2008) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) is pleased to announce that it has closed the non-brokered private placement financing previously announced on September 9, 2008. The financing placed 635,000 Units at a price of $0.17 per Unit for gross proceeds of $107,950 (the "Offering"). Certain directors and officers of Torch have subscribed for approximately 510,000 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 $0.25 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 January 17, 2009 and the Warrants issued as a part of the Units are exercisable until September 15, 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 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 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 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

Contact Information

  • Torch River Resources Ltd.
    William E. Pfaffenberger
    (403) 444-6888
    ProActive Communications Co.
    Local Vancouver: (604) 541-1995
    Or Toll Free: 1-800-540-1995