CALGARY, ALBERTA–(Marketwire – Feb. 16, 2009) – Torch River Resources Ltd. (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) (“Torch” or the “Corporation”) has announced a a non-brokered private placement (private placement memorandum) of up to 1,000,000 units at an Offering price of $0.05 per Unit for gross proceeds of approximately $50,000 (the “Offering”). Each single Unit will consist of one (1) common share (“Common Share”) in the capital of the Corporation issued on a flow through basis and one half of one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation at an exercise price of $0.15 for a period of twelve (12) months from the closing of the Offering. Torch anticipates that Insiders of the Corporation will subscribe for over 25% of the placement.
The private placement (its private placement memorandum) is expected to close on or about February 27, 2009.
The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement (and its private placement offering memorandum) is subject to receipt of all necessary regulatory approvals.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to firstname.lastname@example.org where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Neither 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 release.