Skip to content
About | Contact | Advertise | Manage Subscriptions
  1. Home
  2. Around the North

Melkior raises $5.9M for Canadian projects

Melkior Resources (TSX:MKR), which has exploration projects in McFauld's Lake and the Timmins camp, has wrapped up a first closing of a private placement for total gross proceeds of $5.9 million. This includes gross proceeds of $3.
Northern Ontario Business Staff

 
Melkior Resources (TSX:MKR), which has exploration projects in McFauld's Lake and the Timmins camp, has wrapped up a first closing of a private placement for total gross proceeds of $5.9 million.

This includes gross proceeds of $3.1 million raised from flow-through shares, which will be used for exploration expenditures on its Ontario properties. The remainder will be used for other property development and general corporate purposes.

Melkior is undertaking a 4,000-metre drill program at its Carscallen property five kilometres west of Lake Shore Gold's Timmins mine and newly acquired Thunder Creek discoveries. The company also holds exploration properties in Quebec.