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$207,583 Private Placement with MineralFields Group to Fund Romaine River Iron-Titanium Project
TSX.V:MDL VANCOUVER, Dec. 29 /CNW/ - Medallion Resources Ltd. ("Medallion" or the "Company" - TSX...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX.V:MDL\n\n\nVANCOUVER, Dec. 29 /CNW/ - Medallion Resources Ltd. ("Medallion" or the\n"Company" - TSX.V: MDL) announces that it is arranging a non-brokered private\nplacement of the Company shares with MineralFields Group (a division of\nPathway Asset Management). The private placement will consist of 1,383,886\nflow-through common shares at $0.15 per share. The gross proceeds of the\nprivate placement will be $207,583. All shares will have a hold period of four\nmonths. The private placement is subject to regulatory approval.\n\n\nMedallion will pay a finder's fee of 8%, which may be paid in cash or in\nan equivalent number of non-flow-through common shares at $0.15 per share.\n\n\nThe net proceeds of the private placement will be used to fund the\nongoing work program on the Romaine Iron-Titanium Project.\n\n\nAbout the Romaine River Iron-Titanium Project\n\n\nHistorical drilling and metallurgical work support the Romaine\nIron-Titanium project's historical resource estimate of 234 million tonnes\ngrading 10.8% titanium oxide (TiO2) and 17.9% iron.(x) The body of iron-titanium\nmineralization crops out along a known length of three kilometres and a width\nthat ranges from 200 metres to 460 metres. It is open along strike and down\ndip. Information from the 1960's and 1970's suggests that there is a\nsignificant potential for increasing both the size and grade of the body.(x)\n\n\nThe Romaine Iron-Titanium Project minerals are hematite (Fe2O3) and\nilmenite (FeTiO3), which are the minerals mined at the nearby QIT mine (three\nkilometres to the west). Rio Tinto's QIT mine, with a 50-million-tonne\nreserve, is a leading producer of high-quality titanium and steel and is\npresently, the largest iron-titanium mine of its type in the world.\n\n\nAbout MineralFields Group\n\n\nMineralFields Group is a Toronto-based mining fund with significant\nassets under administration. MineralFields offers its tax-advantage super\nflow-through limited partnerships to investors throughout Canada. Information\nabout the MineralFields Group is available at www.mineralfields.com.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\n"William H Bird", PhD, PGeo, President & CEO\n\n\nCompany Management, takes full responsibility for content, prepared this\nnews release. The TSX Venture Exchange has not reviewed and d...