Melkior Resources Inc. Announces Closing of a $465,000 Private Placement
Ottawa, Ontario CANADA, June 29, 2012 /FSC/ - Melkior Resources Inc. (MKR - TSX Venture), is pleased to announce that it has completed the closing of private placements for aggregate proceeds of $465,000 consisting of the issuance of 1,550,000 units at a price of $0.20 per unit ("Unit A") and 620,000 units at a price of $0.25 per unit ("Unit B").
Each Unit A is comprised of one flow-through common share and one common share purchase warrant. Each Unit A warrant entitles its holder to purchase one additional common share at a price of $0.25 for a period of 12 months following the closing. A subscription of an insider of Melkior in the amount of $50,000 of the Unit A offering has closed in trust pending the satisfactory review by the TSX Venture Exchange of the insider's Personal Information Form.
Each Unit B is comprised of one flow-through common share and one common share purchase warrant. Each Unit B warrant entitles its holder to purchase one additional common share at a price of $0.30 for a period of 18 months following the closing. If at any time after 4 months and one (1) day after the closing date, the trading price on the TSX Venture Exchange of the common share of Melkior is equal or exceeds $0.35 for a period of 20 consecutive trading days, Melkior shall be entitled to notify the holders of the warrants of its intention to force the exercise of the warrants of the Unit B. Upon receipt of such notice, the holders of the warrants shall have 30 days to exercise the warrants.
The securities issued under the private placements are subject to a four (4) month hold period ending October 29, 2012. In conjunction with the private placements, insiders of Melkior have subscribed for aggregate proceeds of $130,000. Melkior paid cash commissions totalling $6,900 in relation to the private placement.
The proceeds from the Unit A offering will be used by Melkior to finance exploration expenditures on its properties located in the Province of Ontario and those from the Unit B will be used by Melkior to finance exploration expenditures on its properties located in the Province of Quebec.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and holds several other exploration properties of which the most important is the 100% owned Launay gold property in West Quebec.
For more information:
Jens Hansen, President
Melkior Resources Inc.
Tel: 613.721.2919
Fax: 613.680.1091
E-mail: melkior@rogers.com
Web: 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.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/melkior06292012eng.htm
Source: Ressources Melkior Inc. (TSXV MKR) www.melkior.com
Maximum News Dissemination by FSCwire. http://www.fscwire.com