TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSXV:MLR) (“Melior” or the “Company”) is pleased to announce that its board of directors has approved a consolidation (the “Consolidation”) of the common shares in the capital of the Company (the “Common Shares”) at a ratio of ten pre-Consolidation Common Shares (the “Existing Shares”) for one post-Consolidation Common Share (the “Consolidated Shares”). Subject to the approval of the TSX Venture Exchange, the Company anticipates that the Consolidation will take effect during the week of June 11, 2018 with no change being made to the Company’s name. The Consolidated Shares will subsequently begin trading on a consolidated basis under the Company’s current trading symbol. The Company is completing the Consolidation in order to satisfy the conditions of its loan facilities.
As a result of the Consolidation the number of outstanding Common Shares will be reduced from approximately 289,799,779 Common Shares to approximately 28,979,978 Common Shares. The Consolidation will also apply to Common Shares issuable upon the exercise of the Company’s outstanding stock options and warrants. Letters of transmittal will be mailed to the registered holders of the Company’s Existing Shares, requesting that they forward their share certificates to the Company’s transfer agent, TSX Trust Company, for exchange for new share certificates representing their post-Consolidation Common Shares.
No fractional shares will be issued as a result of the Consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the Consolidation, the number of Consolidated Shares to be received by such shareholder shall be rounded down to the next whole number of Consolidated Shares.
About Melior
Melior is the owner and operator of the Goondicum ilmenite mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum ilmenite 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.
Forward Looking Statements Disclaimer
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as ‘‘may’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘possible’’, ‘‘continue’’, “objective” or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Melior does not undertake to update any forward-looking statements; such statements speak only as at the date made.
For further information please contact:
MELIOR RESOURCES INC.
Mark McCauley
Chief Executive Officer
+61 7 3233 6300
info@meliorresources.com
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.