The Conversation (0)
Medallion Resources (TSXV:MDL) has increased its previously announced private placement to a total of $325,000. The private placement was originally increased from $250,000 to $300,000.
As quoted in the press release:
The Offering now calls for the issue of up to 6,500,000 units (each a “Unit”) at $0.05 per Unit, 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”). Certain Medallion Directors and Officers arranged to partially fund the Offering with proceeds from the sale of shares of Medallion through the facilities of the TSX Venture Exchange (“the Exchange”), and these sales have now been completed.
Medallion has agreed to pay a finders’ fee of 8% of the gross proceeds funded by outside parties, payable in cash or Units, at the discretion of the finder, and will grant finders’ options equal to 8% of the Units sold through qualified finders. Each finder’s option shall be exercisable to acquire one common share of the Company at an exercise price of $0.05 per share, for a period of 24 months from the Closing Date. The proceeds of the Offering will be used for metallurgical studies, monazite feedstock acquisition activities, plant site selection work and working capital purposes.
All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the Closing Date, pursuant to securities legislation and the policies of the Exchange. 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.
Medallion also reported that its MOU with Oman’s Takamul Investment company has expired:
The Company also reports that its Memorandum of Understanding (“MOU”) with Oman-based Takamul Investment Company (“Takamul”), originally signed June 16, 2013, and subsequently extended, expired on March 30, 2015. Medallion continues discussions with a variety of parties within the Sultanate of Oman, but there are currently no active agreements in place or assurances that any further agreement will be obtained. As reported earlier, Medallion’s MOU with Arab Mining Company, executed in June 2013 and subsequently extended to September 31, 2014, has not been renewed.
Click here to read the Medallion Resources (TSXV:MDL) press release
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MDL:CA