Melior Update and Announcement of Financing Agreement
Melior Update and Announcement of Financing Agreement
TORONTO, Nov. 20, 2019 -- Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today announces that it has
entered into a demand promissory note (the “Promissory Note”) with Pala Investments Limited (“Pala ”), a shareholder of
Melior, to be used for the purpose of funding the completion of Melior’s annual audit. The Promissory Note is for an aggregate
principal amount of US$105,550.00 and carries an interest rate of 5% per annum payable on maturity. In addition, the
Promissory Note is unsecured and cannot be called in for repayment prior to March 31, 2020. The Company may at any time
repay some or all of the Promissory Note (without restriction or prepayment charges).
Further to the announcement on September 9, 2019 regarding the appointment of voluntary administrators to its Australian
Subsidiaries, the Company has decided to re-focus on exploring new investment opportunities in resource-based companies.
In connection with this re-focus, the Company has today entered into an option agreement with Bear Mountain Gold Mines
Limited for the exclusive right to acquire up to 60% interest in four mineral titles totaling 716.31 hectares situated 2.5km
northeast of Harrison Hot Springs in British Columbia, whose primary target is intrusive hosted gold, in consideration for
incurring up to an aggregate of $380,000 of exploration and development expenditures on the property over the next 48
months, including C$25,000 before March 31, 2020. The option agreement is subject to receipt of consent of a third party,
which consent is expected to be received shortly. The Company will provide a further update on its progress with this
investment opportunity and any other new opportunities in due course.
Additionally, the Company announces that further to its press release of October 23, 2019, regarding the Default Notice
received from the Pala in relation to the loan agreement, as amended, between Melior, the Subsidiaries and Pala, dated
August 8, 2018, the Company has entered into a further amending agreement with Pala pursuant to which Pala has agreed to
extend the standstill period from November 30, 2019 until January 4, 2020.
About Melior
The Company has entered into an option agreement with Bear Mountain Gold Mines Limited for the exclusive right to acquire
up to 60% interest in four mineral titles totaling 716.31 hectares situated northeast of Harrison Hots Springs in British
Columbia, with primary target of intrusive hosted gold. The Company continues its search for other strategic investment
opportunities, which it will report on in due course.
Additionally, Melior’s Subsidiaries are the owners and past operators of the Goondicum ilmenite and apatite mine 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. As detailed in the press release of September 9, 2019, voluntary administrators
have been appointed to the Subsidiaries in Australia pursuant to Section 436A of the Corporations Act 2001 (Australia).
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in
Vancouver, British Columbia. Melior is classified as a Tier 2 Mining Issuer under the policies of the TSX Venture Exchange.
MELIOR RESOURCES INC.
Martyn Buttenshaw
Interim Chief Executive Officer
+41 41 560 9070
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.