Torq Resources announced a C$15 million private placement at a price of C$1.00 per share with NYSE-listed multinational gold mining company Gold Fields’ wholly owned subsidiary.
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On September 6, Torq Resources Inc. announced a C$15 million non-brokered private placement with a wholly owned subsidiary of Gold Fields, a multinational gold mining corporation listed on the NYSE, at a purchase price of C$1.00 per share.
The money will be used to advance Torq’s portfolio of projects in Chile, particularly its Santa Cecilia gold-copper project. The company recently signed a seven-year social access agreement, which covers the period of the underlying option agreement and, importantly, enables the beginning of drilling and exploration activities.
A total of 15,000,000 common shares of Torq will be issued by the company for $1 each, a 23% premium over the common shares’ 20-day average trading price on the TSX Venture Exchange for the period ending September 2, 2022. Gold Fields will own roughly 15.05% of Torq’s issued and outstanding shares (undiluted) after the private placement is completed.
“The investment in Torq’s will strengthen our presence in Chile, which is a highly prospective and stable mining destination,” said Gold Fields CEO Chris Griffiths. “It further boosts our exploration efforts with two of Torq’s exploration projects to augment our Salares Norte project, which is set to come on stream next year.”
Torq will primarily use the net proceeds for drilling at its Santa Cecilia gold-copper project in Chile’s Maricunga belt and its Margarita IOCG project in the Coastal Cordillera belt. Subject to customary TSX Venture Exchange clearance and other usual closing conditions, the private placement is anticipated to conclude on or around September 15, 2022.
With regard to the strategic investment, Minvisory Corp. served as the financial advisor to Torq Resources Inc., which would earn the usual pay based on success, and as well as McMillan LLP served as the legal counsel for Gold Fields.
Torq Resources Identifies New Targets at Margarita Project
At the Margarita Iron-Oxide-Copper-Gold project in northern Chile, 65 kilometres north of the town of Copiapo, Torq Resources Inc. has announced the discovery of new high-priority targets. Based on similar geological, geochemical, and geophysical traits found at the discovery drill hole, 22MAR-013R, on the Falla 13 structural corridor, which intersected 90 metres of 0.94% copper and 0.84 g/t gold, the Remolino and Cototuda East targets were established.
The Falla 13 structural corridor is currently being explored to expand the mineralization discovered in drill hole 22MAR-013R,
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