World News: 10:00 GMT Friday 15th March 2019. [Medallion Resources Ltd. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, March 15, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today announces that it has arranged a non-brokered private placement (the “Private Placement”) of 5,500,000 units (each a “Unit”) at a purchase price of $0.09 per Unit for gross proceeds of $495,000.
Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one transferable Common Share purchase warrant (a “Warrant”). Each Warrant will be exercisable to acquire one additional Common Share at an exercise price of $0.15 for a period of 36 months following the closing of the Private Placement (the “Closing Date”). Certain Medallion directors and officers have arranged to partially fund subscriptions under the Private Placement with proceeds from the sale of Common Shares of Medallion at a price of $0.09 per share through the facilities of the TSX Venture Exchange (the “Exchange”).
The proceeds of the Private Placement will be used to further metallurgical test programs, for customer and feedstock supply development work and for general working capital. The completion of the Private Placement is subject to the acceptance of the Exchange.
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 election of the finder, and will also grant finders’ options equal to 8% of the Units sold through qualified finders. Each finder’s option will be exercisable to acquire one Common Share at an exercise price of $0.09 per share for a period of 24 months from the Closing Date.
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the Closing Date, pursuant to applicable securities laws and the policies of the Exchange. The securities issued in connection with the Private Placement 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.
Contact: , President & CEO at +1.604.681.9558 or
Globe Newswire: 10:00 GMT Friday 15th March 2019
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