Torch River Resources Ltd.
TSX VENTURE : TCR

Torch River Resources Ltd.

January 04, 2007 22:47 ET

Torch River Resources Ltd. Closes Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2007) - Torch River Resources Ltd. ("Torch")(TSX VENTURE:TCR) is pleased to announce that it has closed a non-brokered private placement of 1,666,666 flow-through units (the "Flow-through Units") at a price of $0.18 per Flow-through Unit. The private placement closed on December 29, 2006 with a total of 1,666,666 Flow-through Units subscribed for representing $299,999.88 in proceeds. The Flow-through Units are comprised of one (1) Common Share issued on a flow-through basis and one (1) Common Share Purchase Warrant exercisable within a twenty-four (24) month period providing for the purchase of one (1) Common Share on a non-flow-through basis at a price of $0.25 per Common Share in the first year and $0.35 per Common Share in the second year. All of the Common Shares have a hold period which shall expire on April 30, 2007 and the Common Share Purchase Warrants are exercisable until December 29, 2008.

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