Torq Obtains C$3 Million Credit Facility
TSXV: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Torq Obtains C$3 Million Credit Facility
Vancouver, Canada – June 23, 2022 – Torq Resources Inc. (TSX-V: TORQ, OTCQX: TRBMF) (“Torq” or
the “Company”) announces that it has obtained a commitment from an arms-length lender to provide a
C$3 million two-year credit facility of which $500,000 will be advanced to the Company immediately.
Amounts drawn under the facility are subject to 9% pa interest. In consideration for the grant of the
facility, the Company has agreed to pay the lender, 191010 Investments Limited, an entity which is
affiliated with a current shareholder, a 1% commitment fee and issue 4,347,826 share purchase warrants
exercisable at C$0.69 per common share for a two-year period.
The warrants are subject to an exercise limitation which limits the exercise to circumstances where the
total holding of Torq voting securities owned or controlled by the lender and its joint actors, including any
convertible securities exercisable within 60 days , to 9.99% of the Comp any’s then issued voting
securities. Furthermore, 1,449,274 warrants are subject to the additional restriction that they may only
be exercised pro rata to the extent the additional $2.5 million available under the credit facility is actually
drawn. All warrants and shares issuable on exercise of the warrants are subject to a four -month hold
period in Canada. The facility will be secured by a general security agreement and is subject to customary
loan covenants. Completion of the credit facility is subject to execution of a definitive agreement and
TSX Venture approval. There are no finder’s or broker’s fees.
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
For further information on Torq Resources, please visit torqresources.com or contact Natasha Frakes,
Vice President of Corporate Communications at (778) 729-0500 or [email protected].
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 environmen tal, social and governance practices in the pursuit of a landmark discovery. For more
information, visit www.torqresources.com.
Forward Looking Cautionary Statement
This release includes certain statements that may be deemed “forward -looking statements”. Forward -looking information is
information that includes completion of the credit facility statements. There are completion uncertainties and risks involved in
the Company being able to reach a definitive credit agreement and in obtaining TSX Venture Exchange acceptance. See Torq’s
public filings at www.sedar.com for disclosure of the risks and uncertainties faced by the Company.
TSXV: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
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.