(TheNewswire)
June 6, 2023 – TheNewswire – Timmins, Ontario. Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce anon-brokered flow-through and non-flow-through private placement (the“Private Placement”) for gross proceeds of up to C$750,000,subject to final TSX Venture Exchange (the “TSXV”) approval.$298,000 of the financing has been committed by two directors of theCompany.
The Private Placement will be flow-through common shares issued at aprice of $0.24 per common share, with each such share issued as a“Flow-Through Share” within the meaning of the Income Tax Act (Canada) andnon-flow-through common shares issued at a price of $0.20 per commonshare.
Participation by insiders of the Company in the Private Placement willconstitute a related party transaction as defined under MultilateralInstrument 61-101, Protection of Minority Security Holders in SpecialTransactions. Because the Company's shares trade only on the TSX-V,the issuance of the securities is exempt from the formal valuationrequirements 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 ofSection 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101.
Proceeds of the Private Placement will be used to conduct furtherexploration on the Company’s mineral properties. The Company doesnot intend to issue finders’ fees on this financing.
All securities issued under the Private Placement will have a holdperiod of four months and a day from closing.
About Melkior Resources
Melkior Resources is an exploration stage resource company inworld-class mining jurisdictions with a strong partner. Melkior’sflagship Carscallen Project is being advanced by Agnico Eagle MinesLimited through an option agreement pursuant to which Agnico Eagle hasthe option (but not the obligation) to acquire up to a 75% interest tothe Carscallen Project by spending $110 million on the CarscallenProject over a 10-year period. See the Company’s news release datedSeptember 28, 2020 for more information. Melkior, under 100%ownership, is focused on advancing its Genex, Val D’Or, White Lakeand Maseres Projects. Agnico Eagle also owns approximately 6% of theissued and outstanding common shares of Company.
ONBEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, pleasecontact:
Melkior Resources Inc.
E-mail: info@melkior.com
Tel: 226-271-5170
The reader is invited to visit Melkior's web site www.melkior.com.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the
TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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