Melkior Resources Closes $400,000 Flow-Through Private Placement
(TheNewswire)
December 21, 2018 / TheNewswire / Timmins, ON – Melkior Resources Inc. (the “Company” or “Melkior”) (TSXV - “MKR”) is pleased to announce that it has closed the non-brokered flow-through private placement (the “Private Placement”) as previously announced in the Company’s news release dated December 18, 2018. The Private Placement provided the Company with aggregate gross proceeds of $400,000, of which $300,000 was provided by a director and officer of the Company.
Participation by an insider of the Company in the Private Placement constituted 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 TSX-V, the issuance of the 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.
The Company issued 4,705,882 common shares at a price of $0.085 per common share under the Private Placement, with each such share issued as a “Flow-Through Share” within the meaning of the Income Tax Act (Canada).
Proceeds of the Private Placement will be used to conduct further exploration on the Company’s Canadian mineral properties and all securities issued under the Private Placement will have a hold period of four months and a day from closing.
On behalf of the Board of Directors
“Keith James Deluce”
Keith James Deluce, CEO
For further information, please contact:
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.
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