Torq Resources Seeks $2 Million Funding Amid Debt and Credit Adjustments

Torq Resources Inc. plans a non-brokered private placement of 33.33 million equity units at CAD$0.06 each to raise $2 million. The units include one common share and a warrant allowing purchase of an additional share at C$0.12 within 24 months. This aims to supersede earlier, incomplete financings from 2024.

The company extended a $2.8 million credit facility by a year to July 2026, resetting the interest rate to 12%. In consideration, 46.67 million warrants at $0.06 per share will be issued to the lender. Agreements to settle $1.15 million in debts with units akin to those in the offering are also noted.

Funds will address general working capital. Regulatory approval is pending, with closing anticipated by mid-April. Securities issued will be held under a four-month-and-a-day restriction period in Canada.