Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

October 04, 2005 15:33 ET

Torque to Complete Private Placement of up to $2 Million

LONDON, ONTARIO--(CCNMatthews - Oct. 4, 2005) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Torque Energy Inc. (the "Company")(TSX VENTURE:TQE) is pleased to announce a brokered private placement of up to 20,000,000 shares (the "Shares") of the Company at $0.10 per share for total proceeds of up to $2,000,000. A commission of 6% of the gross proceeds raised from the financing will be paid in addition to brokers warrants equal to 6% of the total number of shares sold. Each broker warrant will entitle the holder to purchase one share (the "Broker Share") of the Company at a price of $0.13 each for a period of one year following closing of the private placement. The Shares and Broker Shares will be subject to restricted resale periods expiring four months and one day following the closing.

The proceeds of the private placement will be used to pay outstanding indebtedness. Completion of the private placement is subject to regulatory approval.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.



The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Torque Energy Inc.
    John K. Thomson
    General Manager
    (519) 433-7710