Melior Resources Inc. Successful Buy-Out of Goondicum Royalty and Increase of Belridge Loan Facility
05 Mai 2014 - 7:18PM
Marketwired
Melior Resources Inc. Successful Buy-Out of Goondicum Royalty and
Increase of Belridge Loan Facility
TORONTO, ONTARIO--(Marketwired - May 5, 2014) - Melior Resources
Inc. (TSX-VENTURE:MLR) ("Melior" or the "Corporation"), is pleased
to announce that Belridge Enterprises Pty Ltd ("Belridge") has
today entered into an agreement to repurchase a 1.0125% royalty
from Goody Investments Pty Ltd ("Goody") on the gross income from
all ilmenite and apatite sold from the Goondicum project. Goody
will maintain a royalty interest over other minerals on the
property. Belridge will pay Goody A$600,000 for the royalty
interest.
The purchase of the royalty by
Belridge will be funded through the extension of the existing short
term financing facility between Melior and Belridge. The loan has
been increased by a further C$900,000, to a total of C$1,400,000,
to include the payment of the royalty and to fund ongoing
operational costs though to closing of acquisition of Belridge, as
detailed in a press release of 31 March 2014 (the "Potential
Transaction").
Charles Entrekin, Chairman and CEO of Melior commented "We are
very pleased with the purchase of the royalty interest in the
Goondicum project which is an important milestone in lowering the
overall cost structure of the business.
We have made significant progress towards the closing of the
Potential Transaction and look forward to being able to start the
redevelopment of the Goondicum operation in the near future."
About the
Corporation
The Corporation is
incorporated under the provisions of the Business Corporations
Act (British Columbia) and has a registered office in Toronto,
Ontario. The Corporation currently operates as a Tier 1 Investment
Issuer under the policies of the Exchange. After completion of the
Proposed Transaction, the Corporation is expected to be classified
as a Tier 1 Mining Issuer under the policies of the Exchange.
READER ADVISORY
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. Such statements and information include,
without limitation, statements regarding, the estimated mineral
resources at the Goondicum property, and other benefits of the
Potential Transaction. This forward looking information is subject
to numerous risks, uncertainties and assumptions, certain of which
are beyond the control of Melior, including, without limitation,
risks relating to acquisitions, such as the parties may be unable
to complete the acquisition, problems may arise with the ability to
successfully integrate the businesses of Belridge and Melior, the
parties may be unable to obtain regulatory approvals required for
the acquisition, Melior may not be able to achieve the benefits
from the acquisition or it may take longer than expected to achieve
those benefits; and the acquisition may involve unexpected costs or
unexpected liabilities. Other risks include the impact of general
economic conditions; industry conditions; volatility of minerals
prices; volatility of commodity prices; currency fluctuations;
mining risks; risks associated with foreign operations;
governmental and environmental regulation; competition from other
industry participants; the lack of availability of qualified
personnel or management; stock market volatility. Readers are
cautioned that the material assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise. Actual results, performance
or achievement could differ materially from those expressed in, or
implied by, this forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits Melior will derive therefrom. Melior
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Melior Resources Inc.Thomas MasneyChief Financial
Officer416-644-1217info@meliorresources.com
Melior Resources (TSXV:MLR)
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