Torq Resources Inc. announced a non-brokered private placement of up to 15,000,000 units at a price of CAD 0.10 per unit for the gross proceeds of CAD 1,500,000 on May 7, 2024. Each unit consists of one common share of the company and one half of one common share purchase warrant of the company. Each whole Warrant will entitle the holder thereof to purchase one common share of the company at an exercise price of CAD 0.15 per share at any time on or before the date which is 12 months after the closing date of the offering.

In accordance with applicable securities laws, the securities issued under the offering will be subject to a four-month-and-one-day hold period from the closing date in Canada. The company may pay a cash finder's fee equal to 6.0% of the gross proceeds and issue finders' warrants equal to 6.0% of the number of units sold under the offering. Closing of the offering is anticipated to occur on or about May 30, 2024, subject to the receipt of investor documentation, funds and TSX-V approval.