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Medallion Resources (TSXV:MDL,OTCBB:MLLOF) says it has closed the second and final tranche of its private placement raising proceeds of $250,000. The proceeds of the offering will be used for lab-scale testing of monazite processing for potential customers, monazite feedstock acquisition activities and working capital.
According to the press release:
The Company has issued, pursuant to the closing of the second tranche of the placement, 2 million units (each a “Unit”) at $0.05 per Unit for gross proceeds of $100,000. Each Unit in the offering (the “Offering”) consists 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 $0.20, for a period ending January 12, 2018. In this second tranche, Medallion directors and officers in aggregate subscribed for 446,000 Units or $22,300 of proceeds, which included $10,000 of subscription funds received from the sale of 200,000 shares of Medallion through the facilities of the Exchange.
Click here to read the Medallion Resources (TSXV:MDL,OTCBB:MLLOF) press release
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