December 16, 2021 – TheNewswire – Timmins, Ontario – Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce a non-brokered flow-through private placement (the “Private Placement”) for gross proceeds of C$860,000, subject to final TSX Venture Exchange (the “TSXV”) approval. $640,000 of the financing has been committed by two directors of the Company.
The Private Placement will be flow-through common shares issued at a price of $0.40 per common share, with each such share issued as a “Flow-Through Share” within the meaning of the Income Tax Act (Canada).
Participation by insiders of the Company in the Private Placement will constitute a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Because the Company’s shares trade only on the TSX-V, the issuance of the securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101.
Proceeds of the Private Placement will be used to conduct further exploration on the Company’s mineral properties. The Company does not intend to issue finders’ fees on this financing.
All securities issued under the Private Placement will have a hold period of four months and a day from closing.
About Melkior Resources
Melkior Resources is an exploration stage resource company with a strong partner in world-class mining jurisdictions. Melkior’s flagship Carscallen Project is being advanced by Kirkland Lake Gold through a $110M option/joint venture agreement. Melkior under 100% ownership is focused on advancing it’s Val D’Or, White Lake and Maseres Projects. Kirkland Lake Gold currently owns approximately 6% of the Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
Melkior Resources Inc.
E-mail: [email protected]