RE: RE: The important noteDoes TCR own 25% of Red Bird property? Here is the news release dated back to January 2009:
January 02, 2009
Further to previous news releases by Torch River Resources Ltd. (“Torch” or the “Corporation”) with respect
to the option agreement, as amended, (the “Option Agreement”), between the Torch and Red Bird Resources
Ltd. (“Red Bird”) Torch wishes to confirm that as of May 31, 2008 Torch became the legal and beneficial
owner of a non-transferable 25% undivided interest in the Red Bird Property.
The Option Agreement contains provisions allowing Torch to earn the remaining 75% interest in the Red Bird
Property subject to certain consideration being paid to Red Bird including cash payments, share issuances and
work program commitments. Under the Option Agreement, Torch was required to complete a $4,000,000 cash
payment (the “Cash Payment”) to Red Bird on or before December 31, 2008. Given current market conditions
and the cash position of the Corporation, management was recently forced to make the difficult decision that it
was in the Corporation’s best interests not to complete the Cash Payment on or before December 31, 2008.
Does the RED coloured texts mean that TCR owns 25% of Red Bird?
Any thought?
Cheers