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Medallion Closes $510,000 Private Placement to Fund Ocelot, Nevada, Gold Project
Medallion Closes $510,000 Private Placement to Fund Ocelot, Nevada, Gold Project.
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTSX-V: MDL\n\nVANCOUVER, July 5 /CNW/ - Medallion Resources Ltd (TSX-V: MDL) announces\nthat it has closed a non-brokered private-placement, issued to qualified\ninvestors and Company directors, for 1,700,002 Units (the \"Units\") at a price\nof $0.30 per Unit for gross proceeds totaling $510,000.60. Each Unit consists\nof one common share and one non-transferable share-purchase warrant (the\n\"Warrants\"). Each Warrant allows the subscriber to purchase one additional\ncommon share, at a purchase price of $0.40 per share, for a period of two\nyears from the placement-closing date. The Units issued are subject to a hold\nperiod of four months from the date of the placement closing.\nFor selling 63,000 Units, the Company paid to Pacific International\nSecurities Inc a cash finder's fee of $5,040.00 and a grant of 6,300 finder's\nwarrants (\"Finder's Warrants\"). Each Finder's Warrant may be exercised for one\nadditional common share of the Company at an exercise price of $0.30 per share\nfor a period of one year from the placement-closing date. Shares purchased\nwith Finder's Warrants are subject to a hold period of four months from the\nplacement-closing date.\nThe net proceeds of the private placement provide funding for the Ocelot,\nNevada, Gold Project Phase 1 work program and for general Company working\ncapital. The net proceeds supplement the Company's treasury holdings of\n600,000 common shares of American Bonanza Gold Corp (TSX: BZA).\nFurther, Medallion is pleased to report that it now has satisfied the two\nlisting requirements that were requested of the Company by the TSX Venture\nExchange (\"Exchange\") in 2005. These requirements were to acquire a mining\nproperty of merit and to raise sufficient capital to complete the acquired\nproperty's Phase 1 exploration program. The Exchange has approved both the\nacquisition and the financing; therefore, Medallion continues to list in good\nstanding as an active Tier 2 Mining Issuer.\n\nMedallion Resources Ltd (TSX-V: MDL) is exploring the Ocelot gold\nproperty, which is located 40 kilometres northwest of Austin, Nevada.\nExploration targets potentially deep, high-grade mineralization of the\nepithermal quartz-adularia gold-exploration model. This model is characterized\nby gold deposits such as Midas, Silver Cloud, and deeper portions of Sleeper\nand Grassy Mountai...