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Medallion Announces Private Placements Totaling $650,000
Medallion Announces Private Placements Totaling $650,000
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nMedallion Announces Private Placements Totaling $650,000\n\n\n Jun. 2, 2010 (TheNewswire.ca) -- Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (\"Medallion\" or the \"Company\" - TSX.V: MDL) announces that, subject to TSX Venture Exchange (\"Exchange\") approval, it has arranged a non-brokered private placement of up to 2 million units (each a \"Unit\") at $0.125 per Unit for gross proceeds of up to $250,000 (the \"Offering\"). Each Unit consists of one common share and one transferable common share purchase warrant (a \"Warrant\"). Each Warrant shall be exercisable to acquire one common share at an exercise price of $0.25 for a period of 36 months from closing of the Offering (\"Closing Date\"). Medallion has agreed to pay cash finders' fee of 9% of the gross proceeds raised from purchasers introduced to the Company by finders and grant finders' warrants, to eligible finders equal to 9% of the Units sold to such purchasers. Each finders' warrant shall be exercisable to acquire one common share at an exercise price of $0.125 per share for a period of 24 months from the Closing Date.Medallion also announces that it has arranged, subject to Exchange approval, a non-brokered private placement of up to 2.67 million flow-through shares (each a \"Share\") at $0.15 per share for gross proceeds of up to $400,000 (the \"Flow-Through Offering\"). Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from, and grant finders' warrants equal to 9% of the number of Shares sold to purchasers introduced to the Company by the finders. Each finders' warrant shall be exercisable to acquire one non-flow-through common share at an exercise price of $0.15 per share for a period of 24 months from the Closing Date.All securities issued to purchasers and finders under the Offering and Flow-Through Offering will be subject to a four-month hold period from the Closing Date, pursuant to securities legislation and the policies of the Exchange.The proceeds of the Offering and Flow-Through Offering will be used for the exploration of the Company's the projects, the Eden REE Project and the Red Wine HREE Project, and for working capital.Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are key components required by many new energy-saving technologies including wind turbines, electric and hybrid veh...