Melior Resources Inc.
TSX VENTURE : MLR

Melior Resources Inc.

February 13, 2017 09:01 ET

Melior Strengthens Board with Appointment of Financial Executive with 20 Years of Industry Experience and Grants Options to Executive Management Team

TORONTO, ONTARIO--(Marketwired - Feb. 13, 2017) -

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Melior Resources Inc. (TSX VENTURE:MLR) ("Melior" or the "Company") announced that, subject to the approval of the TSX Venture Exchange, Rishi Tibriwal has been appointed to the Company's Board of Directors (the "Board") as an independent director effective immediately. Mr. Tibriwal has also been named Chairman of the Corporation's Audit Committee as well as a member of the Corporation's Nomination and Compensation Committee.

Based in Toronto, Mr. Tibriwal brings more than 20 years of accounting and finance experience as well as broad experience in the resources sector. Mr. Tibriwal is a chartered accountant and earned an MBA in Finance from Newport University. Mr. Tibriwal is also a graduate from Mumbai University and spent 10 years at Ernst & Young, with the last four years as a partner before setting up his own financial consulting services group. Mr. Tibriwal was also formerly the chief financial officer of Carpathian Gold Inc. and Gravitas Financial Inc.

"I am delighted that Rishi has accepted our offer to join the Board and have no doubt his specific capability and thinking will enhance the Board's operation," said Charles Entrekin, Melior's Chairman.

In addition, after having been suspended for over 12 months, Melior announced that the remuneration of its non-executive directors will recommence. Mr. Tibriwal's remuneration package includes a director's fee of CDN$22.5k per annum (including committee fees), along with the allocation of 1.25 million options. Martyn Buttenshaw's remuneration will be the same as that described above for Mr. Tibriwal, adjusted for committee fees, and Charles Entrekin, as Chairman of the Board, will receive CDN$25k per annum and will be allocated 2 million options on the same terms and conditions.

Melior also announced the issue of options to employees under the currently approved Employee Stock Option Plan. Melior's CEO, Mr. Mark McCauley, has been issued 5 million options and Melior's CFO, Jonathon Mattiske, has been issued 2 million options.

All options described in this announcement will be issued under Melior's existing Employee Stock Option Plan and have a strike price of CDN$0.06/share and a term of 3 years. One third of the options can be exercised after 6 months of issuance, one third after 18 months of issuance, and one third after 30 months of issuance. These packages are intended to remain fixed for a period of three years, unless the Board deems there to be a sufficient change in scope of the role to warrant an adjustment. These packages have been structured to closely align the CEO and the CFO with the Board and with shareholders, and provides a material upside to the executives in the event of a successful share price appreciation.

About Melior

Melior is the owner and operator of the Goondicum mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.

Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Toronto, Ontario. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX Venture Exchange.

Neither the 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.

Forward Looking Statements Disclaimer

Certain information contained in this news release constitutes forward looking information under the provisions of Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, "occur" or "be achieved" or the negative connotation. Information provided in this document is necessarily summarized and may not contain all available material information. These forward-looking statements are made as of the date of this news release, and Melior assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

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