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Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) announced it has closed its non-brokered private placement, as originally announced in news releases issued September 17 and September 26, 2015, for total gross proceeds of $225,000.
Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) announced it has closed its non-brokered private placement, as originally announced in news releases issued September 17 and September 26, 2015, for total gross proceeds of $225,000.
As quoted in the press release:
Pursuant to the offering, the company has issued an aggregate of 7.5 million units at a price of three cents per unit, each unit consisting of one common share and one transferable common share purchase warrant. Each warrant is exercisable to acquire one common share of Medallion at an exercise price of 20 cents until May 1, 2018. Medallion directors, officers and their associates subscribed for 4,666,667 units or $140,000 of the offering, which included the investment of $138,975 of subscription funds received from the recent sale of 4,632,500 shares of Medallion through the facilities of the TSX Venture Exchange.
All securities issued to purchasers in the offering are subject to a hold period expiring four months and one day after issuance, pursuant to relevant securities legislation and the policies of the exchange. The company paid aggregate cash finders’ fees of $360, representing 8 per cent of the gross proceeds in respect of certain subscriptions, to a certain qualified finder.
It is anticipated that the net proceeds of the offering will be used for metallurgical studies ($50,000), monazite feedstock sourcing, acquisition and analysis ($30,000), plant site selection activities ($25,000), and general and administration and working capital purposes ($105,000 inclusive of an aggregate of $53,200 to be paid to related parties of the company for accrued but unpaid past management fees and professional fees).
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