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Medallion Resources Ltd. (TSXV:MDL,OTCQX:MLLOF,FWB:MRD) closed its non-brokered private placement of 2,000,000 common shares, at a price of $0.20 per share, for total gross proceeds of $400,000.
As quoted in the press release:
The shares were subscribed by Medallion’s President, Don Lay, the subscription funded in his accounts, or accounts he controls, from proceeds of an arranged sale of approximately 2,000,000 shares executed through the facilities of the TSX Venture Exchange (the “TSXV”) at a price of $0.20 per share (the “Disposition”). As Mr. Lay or accounts he controls were the sole subscriber to the Private Placement, the transaction constitutes a related party transaction under applicable securities laws, however the Private Placement is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 51-101 Protection of Minority Security Holders in Special Transactions, as neither the fair market value of any shares issued to Mr. Lay or account he controls, nor the consideration paid by Mr. Lay, exceeded 25% of the Company’s market capitalization. The Disposition and the Private Placement on a net basis did not materially affect the number of common shares of Medallion held or controlled by Mr. Lay.
Click here to read the Medallion Resources Ltd. (TSXV:MDL,OTCQX:MLLOF,FWB:MRD) press release
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