Medallion Resources Arranges $225,000 Private Placement

Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) announced that it has arranged a non-brokered private placement of up to 7,500,000 million units at $0.03 per Unit for gross proceeds of up to $225,000.
As quoted in the press release:

Each Unit consists of one common share and one of a transferable common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one common share at an exercise price of $0.20, expiring May 1, 2018. 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 $0.03 per share through the facilities of the TSX Venture Exchange (“the Exchange”).

Medallion has agreed to pay a finders’ fee of 8% of the gross proceeds funded by outside parties, payable in cash or Units, at the election of the finder, and will also grant finders’ options equal to 8% of the Units sold through qualified finders. Each finder’s option will be exercisable to acquire one common share of the Company at an exercise price of $0.05 per share, for a period of 24 months from the Closing Date. The proceeds of the Offering will be used for metallurgical studies, monazite feedstock acquisition and analysis, plant site selection activities and working capital purposes.

All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the Closing Date, pursuant to securities legislation and the policies of the Exchange. The securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.