Torch River Closes Private Placement
CALGARY, ALBERTA, May 6, 2010 (Marketwire via COMTEX News Network) --
Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) announces the closing of the March 12, 2010 non-brokered private placement offering.
The Corporation has issued 2,100,000 units at a price of $0.05 per Unit for proceeds of $105,000. 1,050,000 units (the "Flow-through Units") consisted of one (1) flow-through common share in the capital of the Corporation issued and one common share purchase warrant (a "Warrant"). The further 1,050,000 units consisted of one (1) common share ("Common Share") in the capital of the Corporation issued and one common share purchase Warrant. Each Warrant entitles the holder to purchase one Common Share of the Corporation at an exercise price of $0.10 for a period of twenty four (24) months from the closing of the Offering. Insiders of the Corporation subscribed for over 30% of the placement.
The common shares and warrants have a four month hold period from the closing date of the Offering (September 6, 2010).
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.
SOURCE: Torch River Resources Ltd.
Torch River Resources Ltd. William E. Pfaffenberger President (403) 444-6888 www.torchriver.ca ProActive Communications Co. Local Vancouver: (604) 541-1995 Toll Free: (800) 540-1995
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