Medallion Closes Final Tranche for $250,000

Medallion Resources Ltd. (TSXV:MDL) announced the closure of the second and final tranche of its non-brokered private placement for gross proceeds of $250,000. The proceeds will be used for lab-scale testing of monazite processing for potential customers, monazite feedstock acquisition activities and working capital.

As quoted in the press release,

The Company has issued, pursuant to the closing of the second tranche of the placement, 2 million units (each a “Unit”) at $0.05 per Unit for gross proceeds of $100,000. Each Unit in the offering (the “Offering”) 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 ending January 12, 2018. In this second tranche, Medallion directors and officers in aggregate subscribed for 446,000 Units or $22,300 of proceeds, which included $10,000 of subscription funds received from the sale of 200,000 shares of Medallion through the facilities of the Exchange.

Click here for the full Medallion Resources Ltd (TSXV: MDL) press release