Troubadour Closes Financing
Troubadour Closes Financing
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2019) -
TROUBADOUR RESOURCES INC.
(TSXV: TR) (OTC
Pink: TROUF) (the "Company") is pleased to announce the closing of the financing announced on October 9, 2019.
Closing of Financing
Troubadour Resources Inc. has closed a non-brokered private placement financing consisting of 5.15 million units of the
Company ("Units") at a price of five cents per Unit for gross proceeds of $257,500 ("Financing").
Each Unit will consist of one common share of the Company and one share purchase warrant of the Company, with each warrant
entitling the holder to purchase one additional share at a price of 10 cents for a period of two years from the date of issue.
Insiders subscribed for a total of 1.2 million Units for total proceeds of $60,000. The issuance of Units to insiders is considered a
related party transaction, subject to Multilateral Instrument 61-101. The Company is relying on exemptions from the formal
valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis
that the participation in the private placement by the insiders does not exceed 25 per cent of the fair market value of the
Company's market capitalization.
The Company intends to use the gross proceeds of the Financing for the Company's current drill program on the Amarillo
property and general working capital.
The Financing is subject to the prior approval of the TSX Venture Exchange.
Amarillo Project
The Amarillo project is host to some of the more prospective targets developed in this world class porphyry camp in decades.
The multiple overprinting anomalies (e.g. soil geochem, prospecting and geophysical anomalies) established over the last
couple of years, compound the potential for a major discovery.
Last year's drill program was of limited extent, focussed on a
small region of the Project area and did not drill the most prospective signatures.
The Amarillo Project consists of seven (7) mineral tenures totalling 4,178 hectares and is situated within the heart of a major
mining district.
The multi-element geochemical signature of the Amarillo Project is consistent with a large multi-phase
mineralizing system and is acutely similar to some of the neighbouring mining operations; such as the Brenda Cu-Mo-Ag-Au
porphyry mine located 10 kilometres to the north that produced 278,000 tonnes of copper, 66,000 tonnes of molybdenum, 125
tonnes of silver and 2 tonnes of gold over a twenty-year mine life (source: Brenda Mines website).
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of
this news release.
For further information please contact:
Troubadour Resources Inc.
625 Howe Street, Suite 488
Vancouver, BC V6C 2T6
Geoff Schellenberg, President
Office: (604) 681-0221
Forward Looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks
and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the
Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More
detailed information about potential factors that could affect financial results is included in the documents filed from time to
time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance
on forward looking statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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https://www.newsfilecorp.com/release/49353