Torch River Resources (TSXV:TCR,FWB:WNF) reported a further tranche of a previously announced non-brokered private placement of 2,000,000 units at $0.05 per Unit for gross proceeds of approximately $100,000. The Company also announces that the Company has signed an arm’s length definitive agreement to to acquire the Wallingford and Saint Jovite lump graphite properties in Quebec.
As quoted in the press release:
Each Unit will consist of one (1) common share (“Common Share”) in the capital of the Company and one (1) Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share of the Company for a period of two (2) years from the closing of the Offering at an exercise price of $0.075.
… As part of the consideration for the Wallingford transaction, 1,000,000 shares of the Company will be issued to the vendor at closing at a deemed value of $0.06 per share at closing.
… As part of the consideration for the Saint Jovite transaction, 900,000 shares of the Company will be issued to the vendor at closing at a deemed value of $0.06 per share at closing.