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Torrent Gold Inc. (CSE: TGLD) (FSE: RV00) ("Torrent" or the "Company") has closed its previously announced non-brokered private placement (the "Private Placement"), pursuant to which the Company issued 2,400,000 units of the Company (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $360,000.
Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share at any time for a period of twenty-four (24) months following the closing date of the Private Placement at a price of $0.20 per Share.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
It is expected that the net proceeds from the Private Placement will be primarily used for general working capital purposes.
Saf Dhillon, President & Chief Executive Officer and director of the Company is a "related party" of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and participated in the Private Placement. Accordingly, the Private Placement constitutes a "related party transaction" within the meaning of MI 61-101. Pursuant to the Private Placement, Saf Dhillon received an aggregate of 250,000 Units. The Company is relying on the exemptions from the formal valuation requirement under section 5.5(b) of MI 61-101 and the minority shareholder approval requirement under section 5.7(a) of MI 61-101, as the fair market value of the Units to be issued to the related party does not exceed 25% of the Company's market capitalization. The Company did not file a material change report in respect of the Private Placement on SEDAR+ less than 21 days prior to closing thereof due to the fact that the Company wished to close the Private Placement as soon as practicable to enable it to continue its business pursuits and reduce its liabilities.
About Torrent Gold Inc.
Torrent Gold is a mineral and natural resources exploration company that leverages its years of combined experience in capital markets and mining for acquisition and exploration during the resource commodity cycles.
ON BEHALF OF THE BOARD OF DIRECTORS
Saf Dhillon
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Saf Dhillon
Torrent Gold Inc.
Suite 250 750 West Pender St.
Vancouver, British Columbia V6C 2T7
Telephone: (604) 719-1796
Email: saf@imetalresources.ca
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316081
