Melkior Closes Final Tranche of Private Placement

(TheNewswire)

Timmins, Ontario, TheNewswire, January 17 2023 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce it has closed the final tranche of a non-brokered private placement (the “Private Placement”) for gross proceeds of C$31,300, subject to final TSX Venture Exchange (the “TSXV”) approval. Agnico Eagle Mines has exercised its anti-dilution rights and subscribed for 156,500 common shares of the financing. The Company’s first tranche of $600,000 closed on December 23, 2022 resulting in the issuance of 2,500,000 flow through common shares.

The Company issued 156,500 common shares at a price of $0.20 per common share for gross proceeds of $31,300.  

Jonathon Deluce, CEO of Melkior, remarks, “We appreciate the continued support from Agnico Eagle and our institutional shareholder which positions the Company well for 2023 with over $2.3M in working capital and only 27.1M shares outstanding. We look forward to continuing work at Genex, updates from our partnership at Carscallen and potential property acquisitions in 2023.”  

Proceeds of the Private Placement will be used for general working capital. The Company did not issue finders’ fees on this financing.

All securities issued under the Private Placement will have a hold period of four months and one day from closing.

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO

For more information, please contact:

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 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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