By Laura Lutz
Des Moines, March 22 - Torch River Resources Ltd. arranged a private placement of units for up to C$1.25 million.
The company plans to sell up to 2.5 million units of one share and one warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.65 for two years.
Proceeds of the non-brokered offering will be used as working capital.
Settlement is expected on March 28.
Torch River is a resource company based in Calgary, Alta.
| Issuer: | Torch River Resources Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.25 million
|
| Units: | 2.5 million
|
| Price: | C$0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | March 22
|
| Settlement date: | March 28
|
| Stock symbol: | TSX Venture: TCR
|
| Stock price: | C$0.56 at close March 21
|
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