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Melkior News


Melkior Closes Launay Property Transaction; Proposes Issuance of Shares for Debt

Posted on July 26, 2017

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

 


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