CALGARY, ALBERTA--(Marketwire - Nov. 23, 2012) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINKSHEETS:TORVF) is pleased to announce that it has closed the non-brokered private placement announced September 24, 2012. Torch will issue 4,250,000 common shares (the "Common Shares") at a price of $0.02 per share for gross proceeds of $85,000 (the "Offering"). The Offering consists of one (1) common share in the capital of the Corporation issued and one common share purchase Warrant. Each Warrant entitles the holder to purchase one Common Share of the Corporation at an exercise price of $0.07 in the first year and $0.10 in the second year from the closing of the Offering.
The proceeds of the private placement will be used for the following activities:
| $ | 6,500 | Annual General Meeting Costs |
| $ | 7,500 | Annual General Meeting Cost |
| $ | 2,000 | Private Placement Cost |
| $ | 35,000 | Operating Expenses for the next five months |
| $ | 4,000 | Property Liability Insurance |
| $ | 7,500 | Accounts Payable |
| $ | 7,000 | Public Company Costs |
| $ | 22,000 | Annual Audit, Tax Filings and Reporting |
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.
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:
William E. Pfaffenberger
President
(403) 444-6888
www.torchriver.ca
ProActive Communications Co.
(604) 541-1995
Toll free: (800) 540-1995