INVESTORS AND MEDIA Media release
TORONTO, Sept. 15, 2022 /CNW/ - Gold Fields Atacama Holdings Inc. ("GFAH"), a wholly-owned indirect holding subsidiary of Gold Fields Limited, announces that it has purchased 15,000,000 common shares ("Torq Shares") in the capital of Torq Resources Inc. ("Torq") ( TSXV: TORQ, OTCQX: TRBMF) from treasury at a price of C$1.00 per Torq Share for total gross proceeds to Torq of C$15,000,000.
The purchase was completed pursuant to an investment agreement between GFAH and Torq dated September 6, 2022 (the "Investment Agreement"). Immediately prior to the entering into of the Investment Agreement and the issuance of the Torq Shares contemplated thereunder, GFAH did not own nor had control over any Torq Shares. Upon completion of the purchase, GFAH owns 15,000,000 Torq Shares, representing approximately 15.05% of the issued and outstanding Torq Shares.
GFAH is acquiring the Torq Shares for investment purposes. GFAH will continue to monitor the business, prospects, financial condition and potential capital requirements of Torq. Depending on its evaluation of these and other factors, and subject to certain pro rata participation rights and a maximum ownership percentage limit of currently 15.05% of the issued and outstanding Torq Shares as set out in the Investment Agreement, GFAH may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Torq Shares or other securities of Torq through market transactions, private agreements, subscriptions from treasury or otherwise.