Mr. Geoff Schellenberg reports
TROUBADOUR AMENDS TEXAS PROJECT OPTION AGREEMENT AND ANNOUNCES PROPOSED CONSOLIDATION
Troubadour Resources Inc. has reached an agreement with the vendor of the Texas gold project, located in the historic Beaverdell mining camp in Southern British Columbia, to extend the payments due on the first year anniversary of the agreement by up to six months for consideration of $5,000. All other terms of the option remain the same.
Proposed share consolidation
The company intends to consolidate its issued and outstanding common shares at a ratio of 2.5 preconsolidated shares to one postconsolidation share. The purpose of the consolidation is to facilitate the company's ability to attract future financings, put the company in a better position to complete acquisitions and generate greater investor interest.
The company currently has 35,452,835 common shares issued and outstanding. Upon completion of the consolidation, the company anticipates there will be 14,181,134 common shares issued and outstanding.
"The share consolidation will put the company in a better position to create significant value more reflective of its existing assets and any potential new acquisitions. Share consolidations are typically viewed in a negative context, but in this instance, we view it as a very positive move for the company," states company president Geoff Schellenberg.
In accordance with the company's articles, the consolidation is not subject to shareholder approval. The consolidation is subject to acceptance from the TSX Venture Exchange.
About Troubadour Resources Inc.
Troubadour Resources is a public Canadian mining exploration company focused on copper and gold in British Columbia, Canada. The company is managed by an experienced team consisting of youthful and seasoned professionals with proven records as mine finders. The newly acquired Texas gold property diversifies the company's commodity focus and complements Troubadour's Amarillo copper project, located 10 kilometres south of the past-producing Brenda mine in Southern British Columbia and 35 kilometres east of Kodiak Copper's MPD discovery.
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