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Medallion Increases Private Placement to $3 million
Medallion Increases Private Placement to $3 million
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nMedallion Increases Private Placement to $3 million\n\n\n Oct. 14, 2010 (TheNewswire.ca) -- Medallion Resources Ltd (\"Medallion\" or the \"Company\" - TSX.V: MDL), announces that, subject to TSX Venture Exchange (\"Exchange\") approval, it has increased its non-brokered private placement, announced October 7, 2010 to up to 10 million units (each a \"Unit\") at $0.30 per Unit for gross proceeds of up to $3,000,000 (the \"Offering\"). Each Unit of the Offering consists of one common share and one-half transferable common share purchase warrant. Each whole warrant (a \"Warrant\") shall be exercisable to acquire one common share at an exercise price of $0.40 for a period of 36 months from closing of the Offering (\"Closing Date\"). The Company has appointed Global Hunter (TSXV:BOB) Securities LLC as its exclusive United States institutional facilitator for the Offering.Medallion has agreed to pay a finders' fee of 7.5% of the gross proceeds, payable in cash or Units (at the discretion of the finder), and grant finders' options equal to 10% of the Units sold by qualified finders. Each finders' option shall be exercisable to acquire one common share of the Company at an exercise price of $0.40 per share for a period of 24 months from the Closing Date.The proceeds of the Offering will be used for further exploration of the Company's Eden rare-earth-element (REE) project in Manitoba and its Red Wine heavy REE project in Labrador, initial metallurgical studies, property payments, and working capital.All securities issued to purchasers and finders under the 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 securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration.Medallion Resources Ltd (TSX-V: MDL) is exploring for large low-cost \"heavy\" rare-earth-element (REE) deposits with a clear metallurgical path and cost-effective infrastructure. REE's are key components required by many new energy-saving technologies including wind turbines, electric and hybrid vehicles, super magnets and all modern e...