Medallion Resources Closes $325,000 Non-Brokered Private Placement

As quoted in the press release:

Pursuant to the Offering, the Company has issued 6,500,000 units (each a “Unit”) at $0.05 per Unit, 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 of Medallion at an exercise price of $0.20, for the period ending May 1, 2018. Medallion directors and officers subscribed for 1,918,500 Units or $95,925 of the Offering, which included the investment of $94,425 of subscription funds received from the recent sale of 1,888,500 shares of Medallion through the facilities of the TSX Venture Exchange (the “Exchange”).

All securities issued to purchasers in the Offering are subject to a hold period expiring September 1, 2015, pursuant to relevant securities legislation and the policies of the Exchange. The Company paid cash finders’ fees of $1,452 and issued 40,000 finder’s units (“Finder’s Units”), representing 8 percent of the gross proceeds to certain qualified finders. Each Finder Unit has the same term as the Units issued under the Offering except that the warrants are not transferable. Medallion also issued to these qualified finders 69,400 finder’s options (“Finder’s Options”). Each Finder Option is exercisable to acquire one common share of the Company at an exercise price of $0.05 per share until September 1, 2017.

The proceeds of the Offering will be used for metallurgical studies, monazite feedstock acquisition activities, plant site selection work and working capital purposes.

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