Torch River Resources Ltd. (TSXV: TCR) announced a non-brokered private placement of 4,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 200,000 on November 30, 2011. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.10 per share for a period of 24 months from the closing. The company anticipates that insiders of the company will subscribe for over 30% of the placement. The private placement is expected to close by December 22, 2011. On Jan 24, 2012, the company entered into agreement with Pinetree. On January 27, 2012, Torch River Resources Ltd. closed the transaction. The company issued 3,100,000 units at CAD 0.05 per unit for gross proceeds of CAD 155,000. Pinetree Capital Ltd. purchased 1,000,000 units in the transaction and insiders of the company subscribed for over 30% of the placement. The securities issued are subject to a hold period of four month. The warrants will mature on January 26, 2014.