The Conversation (0)
Medallion Resources Ltd (TSXV:MDL,OTCQX:MLLOF) today has arranged a non-brokered private placement of up to 6,666,667 million units at a price of $0.15 per unit for gross proceeds of up to $1,000,000. Medallion will use proceeds from the offering for technical, financial and environmental studies for its proposed rare-earth processing plant in Oman and will also use some of the funds for monazite feedstock acquisition efforts,business development, and working capital.
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 $0.30, for a period of 24 months from closing of the Offering (“Closing Date”). The Company expects the bulk of the financing to be raised through the efforts of an agent working with private investors in the Arab Gulf States. Certain Medallion Directors and Officers have arranged to partially fund the Offering with proceeds from the sale of 1,000,000 shares of Medallion at a price of $0.15 per share through the facilities of the TSX Venture Exchange (“the Exchange”).
Click here to read the Medallion Resources Ltd. (TSXV:MDL) press release
Click here to see the Medallion Resources Ltd. (TSXV:MDL) profile.