Torr Metals Announces Upsizing in Flow-Through Private Placement to $1.35 Million
Vancouver, April 26, 2022 - Torr Metals Inc. (TSXV: TMET) ("Torr" or the "Company") further to the Company's press release dated April 26, 2022, Torr announces that due to significant demand it has increased the non-brokered private placement (the "Private Placement ") by 1,060,606 common shares ("Shares"). The total Private Placement has therefore increased from 3,030,303 to 4,090,909 Shares at a price of $0.33 per Share for total proceeds of up to $1,350,000. Malcolm Dorsey, President and CEO, commented, "With this financing Torr is now more than adequately funded for its upcoming 2022 exploration program that will include 10,000 metres of planned drilling. The exploration program will focus on the expansion potential of the Gnat Pass copper-porphyry deposit as well as further defining and testing new road-accessible porphyry and epithermal targets across our 100% owned 689 km2 Latham Copper-Gold Project."
Each Share will be issued as a "flow-through share" as defined in the Income Tax Act (Canada) (the "Tax Act"). The Company will use the proceeds of the Private Placement to incur "Canadian exploration expenses" within the meaning of the Tax Act ("CEE") on its Latham Copper-Gold Project during the period from the closing date of the Private Placement to and including December 31, 2022. The Company will renounce the CEE to the subscribers in the Private Placement with an effective date no later than December 31, 2022.
The Private Placement is subject to the acceptance of the TSX Venture Exchange. The Shares will be subject to a hold period of four months from the closing date of the Private Placement. The Company may pay finder's fees to arm's length finders equal to 4% of the proceeds raised.
About Torr Metals
Torr Metals is a Vancouver based mineral exploration company focused on defining and developing the substantial exploration and resource potential of the ~689 km2 Latham Copper-Gold Project, located within the prolific Golden Triangle of northern British Columbia. Year-round access is provided by Highway 37 with the project being favourably located 16 km south of the regional airport in Dease Lake. For further details about the Latham Copper-Gold Project, please refer to the Company's website or current geological Technical Report (August 24, 2021) filed on November 25, 2021 under the Company's profile on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Torr Metals Inc.
"Malcolm Dorsey"
Malcolm Dorsey
President, CEO and Director
For further information:
Malcolm Dorsey
Telephone: 236-982-4300
Email: malcolmd@torrmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.