Medallion Resources Closes $100,000 Private Placement

Medallion Resources Ltd. (TSXV:MDL; OTCPK:MLLOF; Frankfurt:MRDN) – (“Medallion” or the “Company”), pursuing smart production of magnet metals, today announced that it has closed a non-brokered private placement for gross proceeds of $100,000 to a single high net worth investor.

Medallion is pursuing production of magnet metals by sourcing and processing the by-product rare earth mineral monazite, which is rich in neodymium and praseodymium, collectively known as “NdPr”. NdPr is the key input material for lightweight, powerful rare earth permanent magnets, which are facing increased demand for their use in vehicle electrification, wind power generation and robotics.

The Company has issued 1,000,000 units (each a “Unit”) to the investor at a purchase price of $0.10 per Unit, each Unit consisting of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one common share of Medallion at an exercise price of $0.15 until July 26, 2021. The proceeds of the placement will be used to further the metallurgical test program that Medallion has undertaken with the Saskatchewan Research Council; customer and monazite feedstock supply development work; jurisdiction and site analysis for the Company’s proposed rare-earth extraction plant; and working capital.

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.

About Medallion Resources

Medallion Resources is developing an approach for low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.

Contact: Donald Lay, President & CEO at +1.604.681.9558 or info@medallionresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to the completion and the use of the proceeds of the Private Placement. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

Click here to connect with Medallion Resources Ltd. (TSXV:MDL; OTCPK:MLLOF; Frankfurt:MRDN) for an Investor Presentation.

Source: www.stockwatch.com