Torrent Gold closes $360,000 private placement offering

Torrent Gold Inc. (CSE: TGLD) (FSE: RV00) has closed a non-brokered private placement, issuing 2,400,000 units at $0.15 per unit for gross proceeds of $360,000, according to a company statement.

Each unit consists of one common share and one share purchase warrant. Each warrant allows the holder to purchase one additional share at $0.20 for a period of 24 months from the closing date.

All securities issued under the placement are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with Canadian securities laws.

The company said net proceeds are expected to be used primarily for general working capital purposes.

Saf Dhillon, President and Chief Executive Officer and a director of the company, participated in the placement and received 250,000 units. Under Multilateral Instrument 61-101, Dhillon is considered a related party, making the transaction a related party transaction. The company is relying on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of units issued to the related party does not exceed 25% of the company's market capitalization.

The company noted it did not file a material change report on SEDAR+ at least 21 days before closing, citing its intent to close the placement as soon as practicable.

You May Also Be Interested In

• OpenAI: after the Hugging Face incident, we committed to conducting a much broader review of actions taken by our models
• Smart Ring Maker Oura’s IPO Is About Four Times Oversubscribed - Bloomberg
• Rocky Shore Gold raises C$3.2M in first tranche of private placement