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Medallion Resources (TSXV:MDL,OTCQB:MLLOF,FWB:MRD) announced that it has arranged a private placement of up to 4 million unit – at $0.05 per unit – for proceeds of up to $200,000. The proceeds will go towards laboratory scale monazite processing for potential customers as well as monazite feedstock acquisition and working capital.
According to the press release:
[Medallion] has arranged a non-brokered private placement of up to 4,000,000 million units (each a “Unit”) at $0.05 per Unit for gross proceeds of up to $200,000 (the “Offering”). 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 will participate in the Offering and have arranged to partially fund the participation 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”).
Click here to read the Medallion Resources (TSXV:MDL,OTCQB:MLLOF,FWB:MRD) press release
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