Business
Medallion Arranges Up To $250,000 Flow-Through Share Private Placement
TSX.V: MDL VANCOUVER, Dec. 19 /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. 19 /CNW/ - Medallion Resources Ltd ("Medallion" or the\n"Company" - TSX.V: MDL) is pleased to announce that it is arranging a\nnon-brokered private placement of up to $250,000 of flow-through common shares\nat $0.15 per share. All shares will have a hold period of four months. The\nprivate 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 (TiO(2)) and 17.9% iron.(x) The body of\niron-titanium mineralization crops out along a known length of three\nkilometres and a width that ranges from 200 metres to 460 metres. It is open\nalong strike and down dip. Information from the 1960's and 1970's suggests\nthat there is a significant potential for increasing both the size and grade\nof the body.(x)\n\n\nThe Romaine Iron-Titanium Project minerals are hematite (Fe(2)O(3)) and\nilmenite (FeTiO(3)), which are the minerals mined at the nearby QIT mine\n(three kilometres 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\nON BEHALF OF THE BOARD OF DIRECTORS\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 does not accept\nresponsibility for the adequacy or accuracy of this release. Some of the\nstatements contained in this release are forward-looking statements, such as\nestimates and statements that describe the Company's future exploration and\nfinancing plans, objectives or goals, including words to the effect that the\nCompany or management expects a stated condition or result to occur. Since\nforward-looking statements address future events and conditions, by their very\nnature, t...