Torch River Resources Ltd.

Torch River Resources Ltd.

March 29, 2007 01:10 ET

Torch River Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - March 29, 2007) - Further to Torch River Resources Ltd.'s ("Torch") (TSX VENTURE:TCR) News Release dated March 22, 2007, Torch wishes to clarify the finder's fee to Limited Market Dealer Inc. ("Limited").

The finder's fee to Limited consists of cash in the amount of 5% of the flow-through units (the "Flow-through Units") subscribed for and a finder's fee option in the amount of 10% of the number of Flow-through Units subscribed for ("Finder's Options"). Such Finder's Options are exercisable for finder's units ("Finder's Units") at a price of $0.60 per Finder's Unit exercisable for a twenty-four (24) month period. Each Finder's Unit consists of one (1) Common Share and (1) Common Share Purchase Warrant which provides for the purchase of one (1) Common Share ("Finder's Warrant Share") exercisable within a twenty-four (24) month period from the date of issuance of the Finder's Options at a price in the first year of $0.75 per Finder's Warrant Share and in the second year of $0.95 per Finder's Warrant Share. Also, there is a 2% (plus G.S.T.) due diligence fee payable to Limited on the gross proceeds raised for the Flow-through Units subscribed for.

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