Torq Resources Inc (OTCMKTS:TRBMF) Stock Jumps As Company Concludes C$5.28 Million Private Placement

This morning it may be interesting to see if the Torq Resources Inc (OTCMKTS:TRBMF) stock manages to get any traction from investors or not. Last Friday the stock had come into focus among investors and had managed to clock gains of as much as 3.50%.

Market Stats

On Friday, TRBMF stock increased 3.53% to $0.61.70 with more than 1k shares, compared to its average volume of 8.6K shares. The stock moved within a range of $0.6170 – 0.6210 after opening trading at $0.6210.

Torq Increases and Closes C$5.28 Million Private Placement

In this context, it may be a good time for investors to take a look at the announcement from the company on Friday. The company announced on that day that it had managed to not only raise but also complete the private placement. It was a private placement of a non-brokered nature from Torq Resources.

The company had actually amended the terms of the private placement back on February 15 this year and had raised the size to C$5.28 million from C$5 million. It had managed to do so by issuing as many as 7033400 units of equity and priced it at C$0.75 each.

Torq Resources noted that it was going to use the proceeds from the private placement for the purpose of funding its exploration activities in Chile. At this point in time, it is going to be interesting to see if the Torq stock manages to add to its gains today or not.

Traders Corner

TRBMF stock is trading above the 20-Day and 50-Day Moving averages of $0.5875 and $0.6087 respectively. However, the stock is trading below the 200-Day moving average of $0.6276.