Private Placement of up to $500,000Melkior Announces Private Placement of up to $500,000
Melkior Announces Private Placement of up to $500,000
Ottawa, Ontario CANADA, November 08, 2011 /FSC/ - Melkior Resources Inc. (MKR - TSX Venture)("Melkior") is pleased to announce a non-brokered private placement of up to 4,000,000 units at a price of
.125 per unit for gross proceeds of $500,000 (the "Offering"). Each unit is comprised of one flow-through common share and one-half a common share purchase warrant. Each whole warrant entitles its holder to purchase one additional common share at a price of
.25 for a period of 12 months following the closing. In connection with the Offering, Melkior may pay a cash finders fee equal to 6% of the proceeds of the Offering.
The proceeds from the Offering will be used by Melkior to finance exploration expenditures on its properties located in the Province of Ontario. The majority of the funds will be allocated to the following projects: Carscallen (West Timmins), Long Lac, Henderson and Shaw in Ontario.
The Offering is subject to regulatory approval.