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Torq Resources Upsizes Private Placement to CA$1.7 Million

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Torq Resources (TORQ.V) upsized its private placement of units to CA$1.7 million from CA$1.5 million the company said on Tuesday.

Torq will now issue 34 million units at CA$0.05 apiece, for CA$1.7 million proceeds. This includes the CA$170,191 from Gold Fields Atacama Holdings, raising its ownership stake to 10.95%.

Each unit consists of one share and one three-year warrant to buy a share at CA$0.10.

Proceeds will be used for general working capital.

Torq also said it expects to shortly complete the six-month extension of its CA$2.8 million loan owed to 191010 Investments, which came due on July 11.

Torq Resources shares closed down CA$0.01 at CA$0.05 on the TSX Venture Exchange.

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