Melkior Resources Inc has announced a non-brokered, flow-through private placement financing, at a price of $0.40 per share, to raise gross proceeds of C$860,000.
The company said proceeds of the private placement will be used to conduct further exploration on its mineral properties.
Melkior noted that C$640,000 of the financing will be purchased by two company directors.
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It added that it does not intend to issue finders’ fees on this financing.
All securities issued under the private placement will have a hold period of four months and a day from closing and the financing is subject to final TSX Venture Exchange approval.
Melkior Resources is an exploration stage resource company with its flagship Carscallen Project, located 25 kilometers from Timmins, Ontario, being advanced by Kirkland Lake Gold through a $110 million option/joint venture agreement.
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