Melior Resources Inc.: Board Changes
03 October 2019 - 10:30PM
Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”)
today announces the resignation of Phil Day from the Board of
Directors, effective from October 2, 2019.
Furthermore, following the appointment of
Voluntary Administrators of its wholly-owned subsidiaries as
detailed in the press release of September 9, 2019, the Board have
agreed to suspend all Board fees effective September 30, 2019.
Melior continues to monitor the progress of the
administration process and is currently considering all options
available to it in these circumstances in the interests of all
Melior stakeholders.
About Melior
Melior is the owner and past operator 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, a voluntary administrator has been appointed of
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-V.
Forward Looking Statements
Disclaimer
This press release contains forward-looking
information within the meaning of applicable securities laws that
reflects the current expectations of management of Melior. The
words “may”, “would”, “could”, “should”, “will”, “anticipate”,
“believe”, “plan”, “expect”, “intend”, “estimate”, “aim”,
“endeavour”, “project”, “continue”, “predict”, “potential”, or the
negative of these terms or other similar expressions have been used
to identify these forward-looking statements. Forward-looking
statements are based upon a number of assumptions and are subject
to a number of known and unknown risks and uncertainties, many of
which are beyond management’s control, and that could cause actual
results to differ materially from those that are disclosed in or
implied by such forward-looking statements. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those expected or estimated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. In addition, no assurance can be
provided regarding the outcome of the voluntary administration
process referred to above or future enforcement proceedings
relating to the Loan Agreement.
Additional risks and uncertainties regarding
Melior are described in its publicly available disclosure
documents, as filed by Melior on SEDAR (www.sedar.com) except as
updated herein.
This forward-looking information represents
management’s views as of the date of this press release. While
subsequent events and developments may cause such views to change,
Melior does not intend to update this forward-looking information,
except as required by applicable securities laws.
Going Concern RiskThe continuing operations of
the Company are dependent upon its ability to continue to raise
adequate financing, to commence profitable operations in the
future, and repay its liabilities arising from normal business
operations as they become due. There remains a significant risk
that the Company is unable to find alternative sources of financing
for on-going working capital requirements. These material
uncertainties cast significant doubt upon the Company’s ability to
continue as a going concern. Failure to obtain sufficient financing
could force the Company into reorganization, bankruptcy or
insolvency proceedings. Additional financing may not be available
when needed or, if available, the terms of such financing might not
be favourable to the Company and might involve substantial dilution
to existing shareholders. Failure to raise capital when needed
would have a material adverse effect on the Company’s ability to
pursue its business strategy, and accordingly could negatively
impact the Company’s business, financial condition and results of
operations.
For further information please contact:
MELIOR RESOURCES INC.Martyn
ButtenshawInterim CEO and Chairman of the Board of
Directors+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.
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