Melkior Resources Inc.

Melkior Resources Inc.

November 01, 2007 17:30 ET

Melkior Completes Private Placements of $1,200,000

MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2007) - Melkior Resources Inc. ("Melkior")(TSX VENTURE:MKR) is pleased to announce that it has completed a brokered private placement of 3,030,303 flow-through common shares (the "FT Shares") at a price of $0.33 per FT Share for gross proceeds of $1,000,000. Becher McMahon Capital Markets Inc. (the "Agent") acted as agent for this private placement. In consideration for its services, the Agent received a cash commission representing 8% of the gross proceeds and broker warrants equal to 10% of the number of FT 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 $0.33 for a period of 24 months from the closing date.

Melkior has also raised $200,000 pursuant to a private placement of 606,060 FT Shares issued to accredited investors and senior officers.

The securities issued under the private placement are subject to a 4-month hold period expiring on March 2, 2008.

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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Melkior Resources Inc.
    Jens E. Hansen
    613-828-7268 (FAX)
    Becher McMahon Capital Markets Inc.
    Campbell Becher
    647-426-1661 (FAX)