Torq to Raise up to C$1.5 Million In Equity Financing

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VANCOUVER, BC / ACCESSWIRE / May 7, 2024 / Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) ("Torq" or the "Company") is pleased to announce it is undertaking a private placement of up to 15,000,000 units of the Company (the "Units") at an offering price of $0.10 per Unit for gross proceeds to the Company of up to $1.5 million (the "Offering"). Each Unit consists of one common share of the Company and one half of one common share purchase warrant of the Company (each whole warrant being, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.15 per share at any time on or before the date which is 12 months after the closing date of the Offering (the "Closing Date").

The Warrants are subject to an accelerated expiry if, anytime following the date that is four months after the Closing Date, the closing price of the common shares of the Company on the TSX Venture Exchange (the "TSX-V"), or such other market as the common shares may trade from time to time, is or exceeds $0.30 for any 10 consecutive trading days, in which event the holder of the Warrants may, at the Company's election, be given notice and the Company will issue a press release announcing that the Warrants will expire 30 days following the date of such press release. The Warrants may be exercised by the holder of the Warrant during the 30-day period after the date of the press release announcing the accelerated expiry date.

The proposed use of proceeds from the Offering is to finance general working capital.

In accordance with applicable securities laws, the securities issued under the Offering will be subject to a four-month-and-one-day hold period from the Closing Date in Canada. Although the Offering is non-brokered, the Company may pay a cash finder's fee equal to 6.0% of the gross proceeds and issue finders' warrants equal to 6.0% of the number of Units sold under the Offering to eligible persons who refer participating investors to the Company, where permitted by applicable law and in accordance with the policies of the TSX-V. Each finder's warrant will have the same terms as the Warrants.