Yesterday, the Torq Resources Inc (OTCMKTS:TRBMF) stock was one of the notable movers in the market as it ended the day with gains of as much as 3% for the day.
Trading Data
On Tuesday, TRBMF stock soared 3.40% to $0.6411 with 3.25K shares, compared to its average volume 6.47K shares. The stock moved within a range of $0.6060 – 0.6785 after opening trade at $0.6200.
Torq Secures C$15 Million Strategic Investment from Gold Fields
The company announced yesterday that it had received a strategic investment of as much as C$15 million from the international gold mining firm Gold Fields. The money was investment by way of a private placement and Gold Fields had paid C$1 per share in Torq Resources. It was further announced that the fresh capital that has been raised is going to be used for the purpose of advancing the company’s line of projects located in Chile.
The main project is the Santa Cecilia gold-copper project and Torq Resources has already managed to get a social access agreement that is going to last for 7 years. Torq Resources is going to issue a total of 15 million new common shares to Gold Fields at the price of C$1 each.
It should be noted that the C$1 a share price represents a 23% premium when compared to the 20 day moving average of the Torq Resources stock price. It may be a good idea to keep track of the stock this morning.
Key Quote
Shawn Wallace, CEO & Chair:
“We are very pleased to have attracted Gold Fields as a strategic investor in Torq. An investment of this size at this early stage of exploration represents tremendous confidence in our projects, our approach and our team. This capital will primarily finance the highly anticipated maiden drill program at our flagship Santa Cecilia gold-copper project, as well as additional drilling at Margarita, where we have been working to expand upon our exciting new discovery.”
Technical Data
TRBMF stock is trading above the 20-Day and 50-Day Moving averages of $0.61 and $0.55 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.60.
