Medallion Arranges $250,000 Private Placement

Medallion Resources Ltd (TSXV:MDL) announced a non-brokered private placement of up to 5,000,000 million units (each a “Unit”) at $0.05 per Unit for gross proceeds of up to $250,000 (the “Offering”).

As quoted in the press release:

Each Unit consists of one common share and one-half of a transferable common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to acquire one common share at an exercise price of $0.20, for a period of 3 years from closing of the Offering (“Closing Date”). Certain Medallion Directors and Officers have arranged to partially fund the Offering with proceeds from the sale of shares of Medallion at a price of $0.05 per share through the facilities of the TSX Venture Exchange (“the Exchange”).

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