Medallion Resources Ltd. (TSXV:MDL; OTCPK:MLLOF; Frankfurt:MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today announced that, further to its April 11, 2018 announcement, it has closed the final tranche of its $500,000 non-brokered private placement (the “Offering”), for gross proceeds of $50,000.
Medallion Resources Ltd. (TSXV:MDL; OTCPK:MLLOF; Frankfurt:MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today announced that, further to its April 11, 2018 announcement, it has closed the final tranche of its $500,000 non-brokered private placement (the “Offering”), for gross proceeds of $50,000. Medallion is pursuing production of rare earth elements (REE) by sourcing and processing the by-product mineral monazite, which is rich in the REE elements neodymium and praseodymium, collectively also known as “NdPr”. NdPr is the core input material for lightweight, powerful rare earth permanent magnets, which are facing increased demand for their use in vehicle electrification, wind power generation and robotics.
Pursuant to the final tranche closing, Medallion has issued an aggregate of 500,000 units (each a “Unit”) to investors of the Offering at a price of $0.10 per Unit, each Unit consisting of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one common share of Medallion at an exercise price of $0.15 until April 26, 2021. In respect of certain subscriptions in the Offering the Company paid $400 of finders’ fees to qualified finders, representing 8% of the gross proceeds and also issued 4,000 finder warrants, each finder warrant giving the finder the right to acquire one common share of Medallion at an exercise price of $0.10 until April 26, 2020. The Company also issued 6,000 Units in lieu of cash compensation representing 8% of the gross proceeds in respect of certain subscriptions.
Proceeds of the Offering will be used to further the metallurgical test program that Medallion has undertaken with the Saskatchewan Research Council; additional customer and monazite feedstock supply development work; jurisdiction and site analysis for the Company’s proposed rare-earth extraction plant; and working capital.
The securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.
About Medallion Resources
Medallion Resources is pursuing near-term magnet metal production, firstly in North America, by exploiting by-product monazite. Monazite is a rare earth element (REE) phosphate mineral containing significant amounts of the key magnet metals neodymium and praseodymium (NdPr). Ndpr is the key input material for the high-powered permanent rare earth magnets required for growing demands of vehicle electrification, wind power generation and robotics. Monazite is widely available as a by-product from heavy mineral sand mining operations and has a history as a commercial REE resource and well-understood metallurgy. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. More about Medallion can be found at me dallionresources.com.
Contact: Donald Lay, President & CEO at +1.604.681.9558 or email@example.com.
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Medallion management takes full responsibility for content and has prepared this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as statements the use of the proceeds of the Offering. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.