TORONTO, ONTARIO–(Marketwired – Dec. 12, 2017) – Melior Resources Inc. (TSX VENTURE:MLR) (“Melior” or the “Company”) today announced changes to its board of directors including the Company’s Chairman, Mr Charles Entrekin, retiring with effect from the AGM being held on December 13th 2017, and being replaced as Chairman by Mr Martyn Buttenshaw.
Mr Buttenshaw has been a director of Melior for the past 3 years and is a Managing Director at Pala Investments, Melior’s largest shareholder. Mr Buttenshaw commented, “I am looking forward to taking on the Chairman’s role at Melior and being part of a new phase in the Company’s development.”
Melior is in the process of enhancing the capability of its board of directors as it plans to move into construction and production at its Goondicum mine. The Company is in discussions with a number of high caliber individuals regarding potential roles as independent non-executive director’s on the board and will make an announcement on this in due course.
Mark McCauley, Melior Resources CEO said, “Myself and the rest of the Melior board have enjoyed working with Charles over the last few years and would like to thank him for his services to the Company. We wish him all the best going forward.”
About Melior
Melior is the owner and operator of the Goondicum mine, a past-producing ilmenite and apatite mine strategically 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.
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-V.
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.
Going Concern Risk
As described in Melior’s most recent MD&A, the 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 result in a delay or abandonment of the Goondicum Mine and 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.
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.
