Melkior Resources Closes Launay Property Transaction; Proposes Issuance of Shares for Debt
Timmins, 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
For more information, please contact:
E-mail: info@melkior.com
Tel: 705-267-4000
The reader is invited to visit Melkior's web site www.melkior.com.
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.
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