torque mining ipo

Hi flashharry, Con80, etc...

I thought I should start a new thread for this, as the existing thread (ie. "andewa") ended up getting off the track and talking about Torque ...

This is mainly intended as a correction (!) to some of the earlier comments/thoughts (today) on the andewa thread ...

The subscription details for the Torque IPO are in the Torque Prospectus, with the relevant info shown on p17. The most important/relevant details (for the purposes of this discussion) are in section 1.4 ("How to Apply") ...

The minimum subscription required for the entire IPO to succeed is $3M (ie. Three Million (!) Dollars).

The minimum subscription for each individual shareholder is 10,000 shares (ie. ten thousand (!) shares) at an issue price of 20 cents (ie. $0.20) per share. This equates to $2,000 (ie. Two Thousand (!) Dollars). Additionally, if you are an existing shareholder, your minimum subscription is only the amount of money needed to take your total number of shares in Torque up to a minimum of 10,000 shares ...

Hence, if you are an existing Torque shareholder (and most of us here are after the recent FNT/Torque distribution), your minimum subscription may in fact be much less than $2,000. If you already have 10,000 or more Torque shares, your minimum subscription (if you choose to buy more in the IPO) is only 1,000 shares (or two hundred (!) dollars). If you currently have 5,000 Torque shares, your minimum subscription is 5,000 shares (or $1,000), which will take your total number of Torque shares up to the minimum of 10,000 shares.

Hope the above helps to clarify things, and please correct me if any of the info/thoughts I have provided are incorrect and/or misleading...

One additional thought: In my opinion it is in the best interests of all existing FNT and/or Torque shareholders to get behind the issue and hence ensure its success ! If we don't support it, the IPO will fail and our potentially valuable Torque shares will be almost worthless ! ...

Rgds, W.