Torch River Resources Ltd.

Torch River Resources Ltd.

December 07, 2006 19:18 ET

Torch River Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - Dec. 7, 2006) - Torch River Resources Ltd. (TSX VENTURE:TCR) ("Torch") is pleased to announce a non-brokered private placement of up to 1,666,667 flow-through units (the "Flow-through Units") at a price of $0.18 per Flow-through Unit 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, for gross proceeds of approximately $300,000.00. The private placement is expected to close on or about December 29, 2006.

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
    (403) 444-6888
    ProActive Communications Co.
    Local Vancouver: (604) 541-1995
    or toll free: (800) 540-1995