Torq Resources Inc. has arranged lead investors for a non-brokered private placement aiming to raise a minimum of C$1.25 million through the sale of at least 25 million equity units priced at C$0.05 each.

The financing serves as a binding condition for securing a six-month extension on Torq’s C$2.8 million loan owed to 191010 Investments Limited, which originally matured on July 11, 2026. This credit facility was previously extended in June 2025 and March 2025. The new six-month extension period will begin immediately upon the completion of the placement. As consideration for the loan extension, the lender will receive 56 million one-year warrants exercisable at C$0.05 per share.

Each unit in the private placement consists of one common share and a three-year warrant allowing the holder to purchase an additional share at C$0.10. Torq intends to direct the net proceeds from the offering toward general working capital requirements.

The private placement may proceed in multiple tranches and remains contingent upon the receipt of executed subscription agreements, funding, and conditional approval from the TSX Venture Exchange. Torq is targeting completion of the transaction in late August 2026.

Any units issued under the placement will be subject to a standard four-month hold period in Canada. The loan extension warrants and their underlying shares will also carry a four-month hold period. In connection with the offering, the company may pay eligible finders a cash fee of 6.0% alongside non-transferable finder's warrants equivalent to 6.0% of the units sold, exercisable at C$0.10 for three years.

Torq holds the Santa Cecilia project in Chile under earn-in agreements signed with an affiliate of Gold Fields in December 2024, following earlier interim loan facilities provided by Gold Fields to support exploration and underlying option payments. Any participation by Torq insiders in the financing will be subject to exemptions from valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.

Read the full announcement: Torq Announces C$1.25 Million Financing and Loan Extension