Timmins, Ontario / TheNewswire / July 26, 2017 – Melkior Resources Inc. (“Melkior” or the “Company”) is pleased to announce that further to its news release of July 17, 2017, it has closed the sale of its 50% interest in the Launay gold property, Ontario (the “Property”) to Beaufield Resources Inc. (TSX-V BFD) (“Beaufield”). Beaufield now holds a 100% interest in the Property.
In consideration for the Property, Beaufield paid the Company $125,000 and issued the Company 2,500,000 common shares. Melkior retains a 1.5% net smelter royalty on the Property, half of which can be purchased by Beaufield for $750,000.
The Company also announces that it has agreed, subject to the acceptance of the TSX Venture Exchange, to settle CDN$141,904.75 worth of debt by the issuance of 2,838,095 common shares of the Company at a deemed price of $0.05 per share. $10,000 of the debt is to be settled with non-arm’s length parties. All shares issued pursuant to the debt settlement will be subject to the standard four-month regulatory hold periods.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO