Melkior Resources Announces Close Of Private Placement Of Units
Timmins, June 8, 2018 - Melkior Resources Inc.. (the "Company" or "Melkior") (TSXV - "MKR") is pleased to announce that it has closed the non-brokered private placement (the "Private Placement") for total gross proceeds of $1,200,000. The Private Placement consisted of 20,000,000 units at a price of $0.06 per unit (each, a "Unit"). Each Unit is comprised of one common share of the Company and one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company for a period of 36 months at a price of $0.085. Two insiders of the Company participated in the Private Placement and subscribed for an aggregate of 7,050,000 Units for aggregate gross proceeds of $423,000. Participation of an insider of the Company in the Private Placement constitutes 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 TSXV, the issuance of 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.
All securities issued under the Private Placement are subject to a four month hold period.
On behalf of the Board of Directors
"Keith James Deluce"
Keith James Deluce, CEO
For further 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 the 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.
Copyright (c) 2018 TheNewswire - All rights reserved.