Private Placement Oversubscribed, Closes at $265,000

Medallion Resources (TSXV:MDL) reports that it has closed its non-brokered unit private placement.

Each Unit consists of one common share and one transferable common-share purchase warrant (a “Warrant”). Each Warrant can be exercised to acquire one common share at an exercise price of $0.25 for a period of 36 months from closing of the Offering (12 July 2010 — the “Closing Date”). Medallion has agreed to pay cash finders’ fees of $8,831.25 and grant 63,900 finders’ options, to eligible finders. Each finders’ option can be exercised to acquire one common share at an exercise price of $0.125 per share for a period of 24 months from the Closing Date.

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For Medallion Resources’ company profile, click here.