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Medallion Resources Announces Private Placement of Up to CDN$2,000,000 and Debt Settlement of US$650,000
VANCOUVER, British Columbia, June 06, 2023 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Compan
About this update from Gamma Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 06, 2023 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce a non-brokered private placement offering (the “Offering”) consisting of up to 40,000,000 units (the “Units”) at a price of Cdn$0.05 per Unit, for gross proceeds of up to Cdn$2,000,000. Each Unit will comprise one common share of the Company and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase an additional common share of the Company at Cdn$0.075 per share at any time within three years of closing of the Offering, except that the number of warrants that may be exercised by any purchaser at any time shall not cause the purchaser to beneficially own more than 19.9% of the Company’s total issued capital at the time of the exercise. The Company may pay finder’s fees, as permitted under the policies of the TSX Venture Exchange (“TSXV”), in respect of Units placed with the assistance of registered securities dealers. The Units issued will be subject to the four month resale restriction as required by the TSXV. Units purchased by US residents will be issued pursuant to the exemption afforded under the U.S. Securities Act of 1933, as amended. The resale of such Units shall be subject to U.S. Securities Act of 1933 and applicable state securities laws. The net proceeds from the Offering will be used to repay any remaining unsecured notes that have not been retired under the Shares for Debt Transaction (defined below), accrued interest on the notes, and for general corporate purposes. The Offering may be closed in one or more tranches with final close on or before June 30, 2023 and is subject to the approval of the TSXV. Alfredo Ramos Plasencia, CEO said, “completion of this financing will enable the Medallion team to focus on the separation and refining of magnetic rare earth oxides using patented displacement chromatography that we have licensed from Purdue Research Foundation.” Shares for Debt Transaction The Company further announces that it will enter into a shares for debt settlement agreement with certain of its creditors to retire US$650,000 of the US$1,150,000 unsecured notes due August 1, 2023 (the “Shares for Debt Transaction”). The creditors are not insiders of the Company ...