Medallion Resources Closes $700,000 First Tranche of Financing

Medallion Resources Ltd. (TSXV:MDL,OTCQX:MLLOF) closed its first tranche of a previously announced non-brokered private placement offering, by issuing 4,666,667 units for gross proceeds of $700,000.

As quoted in the press release:

The Offering is for up to an aggregate of $1,000,000 or 6,666,667 Units, with each Unit consisting 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 or partial closing of the Offering (“Closing Date”).

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