VANCOUVER, BC / ACCESS Newswire / September 16, 2026 / Torq Resources Inc. (TSX-V:TORQ)(OTCQB:TRBMF) ("Torq" or the "Company") is pleased to announce that it has closed its previously announced private placement (see August 20, 2026 and September 15, 2026 news releases) (the "Placement") for proceeds of C$1,700,191.20 consisting of 34,003,824 units of the Company (the "Units") at a price of C$0.05 per Unit, which includes C$170,191.20 from Gold Fields Atacama Holdings Inc. ("Gold Fields"), a wholly owned affiliate of the international major mining company, Gold Fields Limited. Each Unit consists of one common share in the capital of the Company (a "Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share at an exercise price of C$0.10 per Share until September 16, 2029. The Company intends to use the net proceeds from the Placement for general working capital.
In connection with the Placement, the Company paid finder's fees consisting of cash commissions of C$29,700.00 and issued 594,000 non-transferable finder's warrants (the "Finder's Warrants") to eligible finders in accordance with applicable securities laws and the policies of the TSXV. Each Finder's Warrant entitles the holder thereof to acquire one Share at an exercise price of C$0.10 per Share until September 16, 2029.
The participation by Gold Fields in the Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a), respectively, as the Company is listed on TSX Venture Exchange and fair market value of the participation by insiders in the Placement did not exceed $2.5 million or 25% of the Company's market capitalization
In accordance with applicable securities laws, the securities issued under the Placement are subject to a four-month and one day hold period from the date of issuance in Canada, which will expire on January 17, 2027.
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
For further information on Torq Resources, please visit www.torqresources.com or contact the company at (778) 729-0500 or info@torqresources.com.
About Torq Resources
Torq is a Vancouver-based copper and gold exploration company with a portfolio of premium holdings in Chile. The Company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful and sustainable practices. The Company was built by a management team with prior success in monetizing exploration assets and its specialized technical team is recognized for their extensive experience working with major mining companies, supported by robust safety standards and technical proficiency. The technical team includes Chile-based geologists with invaluable local expertise and a noteworthy track record for major discovery in the country. Torq is committed to operating at the highest standards of applicable environmental, social and governance practices in the pursuit of a landmark discovery. For more information, visit www.torqresources.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 release.
SOURCE: Torq Resources Inc.
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