12:01 PM EDT, 07/26/2017 (MT Newswires) -- Beaufield Resources Inc. (BFD.V) shares have moved higher after the company reported that it has closed the acquisition of a 50% interest in the Launay gold property from Melkior Resources Inc. (MKR.V), and is now 100% owner of the property.

At closing, Beaufield paid $125,000 in cash and issued of 2,500,000 of its common shares to Melkior subject to a four month hold period. Melkior also retains a 1.5% net smelter royalty on the Property, one-half of which may be purchased by Beaufield for $750,000.

The Property is located in Launay township, in the Abitibi Greenstone Belt in Quebec.

Beaufield's shares were recently up 8.1% at $0.20. Melkior's shares were even.

Price: 0.20, Change: +0.015, Percent Change: +8.1