Melkior Resources Inc. (“Melkior”) is pleased to announce a non-brokered private placement of up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of $750,000 (the “Offering”). Each unit is comprised of one common share and one common share purchase warrant. Each whole warrant entitles its holder to purchase one additional common share at a price of $0.05 for a period of 12 months following the closing.
In connection with the Offering, Melkior may pay a finders’ fee of up to 7% of Gross Proceeds payable in cash and 10% in warrants. Each whole warrant entitles the holder to purchase a common share at a price of $0.05 CAD per share for a period of 12 months following the Closing.
In accordance with securities legislation currently in effect in Canada, the Shares, the Warrants and the Warrant Shares will be subject to a “hold period” of four months plus one day from the date of closing of the private placement.
The proceeds from the offering will be used to undertake planned data compilation and exploration work on some or all of Melkior’s key properties. On the Launay and Carscallen Timmins gold properties, Melkior plans to complete in-fill drilling programs as well as the preparation/interpretation of a possible resource calculations and NI 43-101 reports. On the Kenty Lake Ungava property, Melkior will engage a geologist to design an exploration program to expand the copper-nickel-PGE resource presently estimated at 800,000 tonnes
The Offering is subject to regulatory approval.
Melkior is a junior exploration company with active exploration projects within the Timmins gold camp and holds several other exploration properties of which the most important is the 100% owned Launay gold property in West Quebec. Melkior also holds two claim groups in the Beardmore Long-Lac gold camps as well as 49% of the Delta Kenty nickel-copper deposit in Ungava.
For more information:
Jens Hansen, P.Eng. President and CEO
Melkior Resources Inc.
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.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior’s periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.