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$500,000 Private Placement with MineralFields Group to Fund Medallion Gold Exploration
TSX-V: MDL VANCOUVER, Dec. 18 /CNW/ - Medallion (TSX.V: MDL) announces that it is arranging a non...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, Dec. 18 /CNW/ - Medallion (TSX.V: MDL) announces that it is\narranging a non-brokered private placement of the Company's shares with\nMineralFields Group (a division of Pathway Asset Management). The private\nplacement will consist of 1,562,500 flow-through Units at $0.32 per Unit. Each\nflow-through Unit will consist of one flow-through share and one transferable\nnon-flow-through share-purchase warrant with a term of 24 months. Each\nwarrant, if exercised during the 12 months following the close of the private\nplacement, will allow the holder to purchase one common share of Medallion at\na price of $0.50 per share and, if exercised during the second 12 months\nfollowing the close of the private placement, will allow the holder to\npurchase one common share of Medallion at a price of $0.75 per share. The\ngross proceeds of the private placement will be $500,000. All shares and\nwarrants will have a hold period of four months. The private placement is\nsubject to regulatory approval.\n\n\nMedallion will pay a finder's fee of 5%, which may be paid in an\nequivalent number of shares, and two-year finder's fee options to purchase\n156,250 units at a price of $0.32 per unit. Each option unit will consist of\none non-flow-through share and one non-flow-through warrant. The warrants have\nthe same terms as the warrants issued to the subscribers. There will be an\nadditional cash due-diligence review fee of $25,000.\n\n\nThe funds will be used to explore the Company's recently acquired Amazing\nGrace gold project, which is located 15 kilometres east of Castlegar, BC. The\nexploration target at Amazing Grace is an extensive surface exposure of\ngold-bearing veins and altered wall rock that holds the potential for a\nbulk-tonnage open-pit gold operation.\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\nMedallion Resources Ltd also holds the mineral rights and interests to\nthe LH and the Ocelot gold projects in Nevada. At LH, in northern Nye County,\na reconnaissance rock-chip sampling program, in an area of hydrothermal\nalteration and old prospect pits...