MKR arranges $1.2-million private placementHi everyone,
Melkior arranges $1.2-million private placement
2007-10-05 15:19 ET - News Release
Mr. Jens Hansen reports
MELKIOR ANNOUNCES PRIVATE PLACEMENTS OF UP TO $1,200,000
Melkior Resources Inc. has entered into an agreement with Becher McMahon Capital Markets Inc., as agent for a brokered private placement, on a reasonable efforts basis of up to 3,030,303 flow-through common shares at a price of 33 cents per flow-through share, for gross proceeds of up to $1-million. In consideration for its services, the agent will receive a cash commission representing eight per cent of the gross proceeds, and broker warrants equal to 10 per cent of the number of flow-through shares sold under the private placement. Each broker warrant shall entitle the agent to purchase one additional common share of Melkior at a price of 33 cents, for a period of 24 months from the closing date.
Melkior will also raise up to $200,000, pursuant to a private placement of up to 606,060 flow-through shares to accredited investors.
The net proceeds from the private placements will be used by Melkior to finance exploration expenditures on its properties located in the provinces of Ontario and Quebec. The majority of the funds will be allocated to the Timmins gold project, the Eldorado nickel project and the Launay gold project. Drilling is planned for each of these.
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