Melior Resources Inc. (TSXV: “
MLR”)
(“
Melior” or the “
Company”) today
provides a corporate update.
Promissory Note
On November 20, 2019, the Company entered into a
demand promissory note (the “Promissory Note”)
with Pala Investments Limited (“Pala”), a
shareholder of Melior, totaling US$105,000. Further details of the
terms of the Promissory Note can be found in the press release of
November 20, 2019. Today, Melior entered into an amended Promissory
Note, extending the maturity of the loan from March 31, 2020 to
October 31, 2020. All other terms of the Promissory Note remain the
same.
Cease Trade Order
The Company filed a press release on October 24,
2019 regarding the potential for a cease trade order to be issued
against the Company as a result of its delay in filing relevant
disclosure documentation. A cease trade order was then issued by
the Ontario Securities Commission (“OSC”) against
the Company on November 1, 2019 in connection with the Company’s
failure to file its audited financial statements for the fiscal
year ended June 30, 2019 (and accompanying MD&A and
certifications) in a timely manner.
The Company advises that it has since filed the
following:
- Annual audited financial statement
for the fiscal year ended June 30, 2019 and accompanying
management's discussion and analysis (MD&A) and
certifications;
- Interim financial statements for
the three months ended September 30, 2019 and accompanying
management's discussion and analysis (MD&A) and
certifications;
- Interim financial statements for
the three months ended December 31, 2019 and accompanying
management's discussion and analysis (MD&A) and
certifications;
and is current with all its required disclosure
filings.
Based on the above, the Company announces that
it applied to the OSC for revocation of the cease trade order on
February 21, 2020. Melior continues to work with the OSC to address
a number of questions that they have on the Company’s
disclosures.
Harrison South Property
Option
The Company previously announced on November 20,
2020, that it had entered into an option agreement with Bear
Mountain Gold Mines Limited to acquire a 60% interest in five
mineral titles near Harrison Hot Springs, British Columbia (the
“Harrison South Project”). The option agreement
was subject to receipt of consent from a third party, which has
since been received by the Company.
Conditional approval for this transaction from
the TSX Venture Exchange was received on December 19, 2019. Final
review by the TSX Venture Exchange of the transaction is pending
lifting of the cease trade order. The Company will provide a
further update in due course.
MELIOR RESOURCES
INC.Martyn ButtenshawInterim
Chief Executive Officer+41 41 560
9070info@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.
Melior Resources (TSXV:MLR)
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