Torch River Resources Ltd.

Torch River Resources Ltd.

January 27, 2012 16:04 ET

Torch River Closes Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 27, 2012) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) announces that today it closed the non-brokered private placement announced November 30, 2011. Torch will issue 3,100,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $155,000. Each Unit consists of one (1) common share in the capital of the Corporation and one common share purchase warrant (a common share purchase warrant a "Warrant"). Each Warrant entitles the holder to purchase one Common Share of the Corporation at an exercise price of $0.10 for a period of twenty-four (24) months from the closing of the Offering.

Insiders of the Corporation subscribed for over 30% of the placement.

The common shares and warrants have a four month hold period from the closing date of the Offering.

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.

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 Torch's work programs. 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.. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 (800) 540-1995