Non-brokered deal is slated to fund development and working capital
By Devika Patel
Knoxville, Tenn., June 4 - Medallion Resources Ltd. said it raised C$700,000 in the initial tranche of a C$1 million non-brokered private placement of units. The deal priced May 21.
The company is selling 6,666,667 units of one common share and one half-share warrant at C$0.15 per unit. It sold 4,666,667 units in the first tranche.
Each whole warrant is exercisable at C$0.30 for two years. The strike price represents an 87.5% premium to C$0.16, the May 20 closing share price.
Proceeds will be used for financial, technical and environmental studies for the planned rare-earth processing plant in Oman, feedstock acquisition efforts, business development and working capital.
Based in Vancouver, B.C., Medallion explores for rare-earth minerals.
| Issuer: | Medallion Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 6,666,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.30
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | May 21
|
| Settlement date: | June 4 (for C$700,000)
|
| Stock symbol: | TSX Venture: NRC
|
| Stock price: | C$0.16 at close May 20
|
| Market capitalization: | C$7.48 million
|
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