Torq Completes First Tranche of $0.10 Financing and Extends Offering Period

Vancouver-based Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) announced the completion of the first tranche of its non-brokered private placement. The company issued 4,645,300 units at $0.10 per unit, garnering gross proceeds of C$464,530. Torq received conditional TSX Venture Exchange approval to extend the offering period to July 26, 2024, pending certain conditions.

In connection with this tranche, the company paid cash finder's fees of $10,800 and issued 108,000 finder's warrants. Proceeds will be allocated to working capital. The issued securities are subject to a statutory hold period of four months and one day.

Insiders of the company acquired 1,500,000 units totaling C$150,000. This insider participation qualifies as a "related party transaction" under Multilateral Instrument 61-101 but is exempt from certain formal valuation and minority shareholder approval requirements.