on Torq Resources Inc. (isin : CA89131L1085)
Torq Secures Interim Loan from Gold Fields for Chilean Project
Torq Resources Inc. has announced an interim loan agreement with Gold Fields Limited, securing up to USD$1.81 million. This loan facilitates a crucial USD$600,000 payment for the Santa Cecilia copper-gold project in Chile. The agreement allows Torq to advance exploration and development approved by Gold Fields for 2024.
The loan bridges the gap until the finalization of an option and joint venture agreement with Gold Fields. This Earn-in Option could grant Gold Fields up to a 75% stake in Santa Cecilia, requiring an investment of USD$48 million over six years. Shareholder approval is pending for the definitive agreements.
The funds will be managed by Torq's Chilean subsidiary, Minera Santa SpA. If agreements are not finalized by November 2024, the loan becomes repayable by February 2025. Torq's CEO, Shawn Wallace, affirmed appreciation for the partnership with Gold Fields.
R. H.
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