TORONTO, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today announces that its wholly-owned subsidiaries, Goondicum Resources Pty. Ltd (“Goondicum”) and Melior Australia Pty. Ltd (“Melior Australia” and, together with Goondicum, the “Subsidiaries”) appointed a voluntary administrator (the “Administrator”) pursuant to Section 436A of the Corporations Act 2001 (Australia). In the opinion of the directors of the Subsidiaries, the Subsidiaries are insolvent or are likely to become insolvent at some future time. The Subsidiaries have been unable to obtain additional funding necessary to satisfy the ongoing cash needs of the business resulting from the continuing production underperformance at the Goondicum mine. The Administrator has taken control of the operations and assets of the Subsidiaries. The appointment of the Administrator is expected to provide the Subsidiaries with some limited statutory protection from creditors with a view to enabling the Subsidiaries, their creditors, both secured and unsecured, and their shareholder, Melior, to pursue a technical review and work-out plan or sales strategy to maximize any recovery from the Subsidiaries. There is, however, no assurance of success in this endeavor or of recovery of value from the Subsidiaries or their assets by Melior.
About Melior
Melior is the owner and 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.
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 1 Mining Issuer under the policies of the TSX Venture Exchange.
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.
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.
For further information please contact:
MELIOR RESOURCES INC.
Martyn Buttenshaw
Interim Chief Executive Officer
+41 41 560 9070
info@meliorresources.com
mark.mccauley@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.