Medallion Resources Ltd. (TSXV:MDL,OTCQB:MLLOF) has increased its previously announced private placement by an additional $50,000. The Company also announced that it has closed a first tranche of $150,000 of its $200,000 non-brokered private placement announced November 9, 2014.
As quoted in the press release:
The terms of the placement now call for the issue of up to 5,000,000 units (each a “Unit”) at $0.05 per Unit for gross proceeds of up to $250,000 (the “Offering”). Each Unit 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 of 3 years from closing of the Offering (“Closing Date”).