Melkior Sells Delta Kenty Property
Timmins, Ontario / June 26, 2018 - Melkior Resources Inc.. ("Melkior" or the "Company") is pleased to announce that it has entered into a sale and purchase agreement dated June 25, 2018 (the "Agreement") with a private Ontario company (the "Purchaser"), under which it will sell its interest in its Delta Kenty claims located in the Province of Quebec (the "Property"). The Company is the sole legal and beneficial owner of a 49% participating ownership interest in and to the joint venture formed in relation to and governing the Property, under joint venture agreement between (Falconbridge Ltd.) presently Glencore Canada Corporation and Les Ressources Oasis Inc. dated May 23, 1986, as amended, including the amendment of July 21, 1987 wherein Melkior Resources Inc. acquired its interest. Under the terms of the Agreement, the Purchaser must pay the Company $600,000 and issue that number of Purchaser common shares, as of July 31 (each a "Purchaser Share") having an aggregate value of $150,000, with the value of each Purchaser Share to be equal to the price at which the Purchaser completes an equity financing for total gross proceeds of not less than $500,000 within 45 days of completion of the purchase of the Property. If no such financing is closed, the value per Purchaser Share will be $0.50. The Purchaser expects to participate in the next equity flow through financing of Melkior amounting to a total of $100,000 if it takes place within 12 months of closing. It is anticipated that the transaction will close on June 28, 2018.
Melkior is seizing this opportunity to realize value for an asset that requires a team that is familiar with and dedicated to Delta Kenty property. The potential of the Property can still be recognized by Melkior through the retention of shares in the Purchaser. We are excited that this Property will be placed in a new company, and that the Purchaser has the opportunity to bring the property to its full potential.
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.
Cautionary Notes:
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Melkior to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in Melkior's public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Melkior has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. There are no assurances that the Purchaser will participate in future financings of the Company as expected, or that the Company's holdings of the Purchaser's securities will be beneficial to the Company. Accordingly, readers should not place undue reliance on forward-looking statements. Melkior does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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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