Mr. Zachary Kotowych reports
TROUBADOUR RESOURCES OPTIONS ITS MONARCH URANIUM PROJECT TO PLUTO VENTURES
Troubadour Resources Inc. has entered into an option agreement with Pluto Ventures Inc., whereby Pluto may acquire a 100-per-cent interest in the company's Monarch uranium project, located in Nunavut, Canada.
The transaction is not subject to exchange approval, as it qualifies as an exempt transaction
under
exchange Policy 5.3, Acquisitions and Dispositions of Non-Cash Assets.
The agreement aligns with Troubadour's strategy to streamline its portfolio and focus on its core assets, including its gold and polymetallic projects in British Columbia and Quebec. By optioning the project to Pluto, Troubadour secures immediate and staged financial benefits while transferring exploration risk to a capable partner with expertise in uranium exploration.
"We are thrilled to announce this option agreement with Pluto Ventures, which allows Troubadour to unlock value from the Monarch uranium project while sharpening our focus on our core gold and polymetallic assets,"
said Zachary Kotowych,
chief executive officer of Troubadour Resources.
Mr. Kotowych continued: "Pluto's expertise and commitment to advancing this high-potential uranium project positions Troubadour to benefit from Monarch's upside as global uranium demand surges. This transaction is a win-win, strengthening our balance sheet and aligning with our disciplined growth strategy."
In order to exercise the option, Pluto must fulfill the following conditions.
Share issuances
Pluto will issue an aggregate of 650,000 common shares to Troubadour, as follows:
-
250,000 shares on the effective date of the agreement;
- 250,000 shares on or before the first anniversary of the agreement;
- 150,000 shares on or before the second anniversary of the agreement.
Cash payments
Pluto will pay Troubadour
$50,000 in total cash consideration on or before the second anniversary of the agreement.
Exploration expenditures
Pluto will incur a minimum of $150,000 in exploration expenditures to be completed on or before the second anniversary of the agreement.
Pluto will serve as the operator of the project while it is under option, and has the flexibility to accelerate share issuances, cash payments and/or exploration expenditures to earn its interest ahead of schedule.
About Troubadour Resources Inc.
Troubadour Resources is a North American mineral acquisition and exploration company focused on the development of quality critical mineral and precious metal properties that are drill ready with high-upside and expansion potential. Based in Vancouver, B.C., Troubadour trades on the TSX Venture Exchange under the symbol TR and the OTCQB exchange under the symbol TROUF.
Troubadour's flagship project is the Senneville gold-copper project. Comprising 230 mineral claims totalling over 130 square kilometres, the Senneville project is located within the prolific Val d'Or mining camp between Probe Gold's McKenzie Break deposit (1,453,400 ounces inferred) to the north and the Probe's Novador development project to the south (6,049,100 ounces measured and indicated (M&I), and 1,400,900 ounces inferred).
Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the company's properties.
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