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Medallion Announces $300,000 Private Placement
VANCOUVER, BC--(Marketwired - July 06, 2016) - Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) ("Medallion" or the "Company") today announced it h
About this update from Gamma Resources Ltd.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - July 06, 2016) - Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) (\"Medallion\" or the \"Company\") today announced it has arranged a non-brokered private placement of up to 10,000,000 units (each a \"Unit\") at a price of $0.03 per Unit for gross proceeds of up to $300,000 (the \"Offering\"). Each Unit will consist of one common share and one transferable common share purchase warrant (a \"Warrant\") with a five-year term. Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.05 for thirty months from issuance and an exercise price of $0.10 thereafter until expiry. The proceeds of the Offering will be used for a pilot-scale metallurgical test program including locked cycle tests, cerium removal and phosphate by-product development, customer development work, and jurisdiction and site analysis for the Company's proposed rare-earth extraction plant, and working capital. Certain Medallion directors and officers have arranged to partially fund the Offering with proceeds from the sale of shares of Medallion at a price of $0.03 per share through the facilities of the TSX Venture Exchange (\"the Exchange\"). A portion of the private placement is being made available to existing shareholders in accordance with the provisions of the existing shareholder exemption (the \"Existing Shareholder Exemption\") contained in Multilateral CSA Notice 45-313. The Company has set July 4, 2016 as the record date for determining existing shareholders entitled to purchase Units pursuant to the Existing Shareholder Exemption. The Offering is also being conducted pursuant to available prospectus exemptions, including the accredited investor exemption. Any existing shareholder of Medallion interested in participating in the Offering should contact Donald Lay at the contact details below. If subscriptions received for the Offering based on all available exemptions exceed $300,000, Medallion may seek to increase the size of the Offering and obtain Exchange approval for such an increase. In the alternative, should Medallion not seek to increase the size of the Offering, where subscriptions exceed the maximum, the Units will be allocated pro rata amongst all subscribers qualifying under all available exemptions. Medallion has agreed to pay a finders' fee of 8% of the gros...