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Medallion Resources Closes $597,510 Private Placement
NOT FOR RELEASE IN THE UNITED STATES VANCOUVER, British Columbia, March 29, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfu
About this update from Gamma Resources Ltd.
[{"type":"text","content":" NOT FOR RELEASE IN THE UNITED STATES VANCOUVER, British Columbia, March 29, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today announced that it has closed the first tranche of its $630,000 non-brokered private placement (the “Offering”), as announced in the Company’s news release dated March 15, 2019, for gross proceeds to the Company of $597,510. Medallion has issued an aggregate of 6,639,000 units (each, a “Unit”) pursuant to the first tranche of the Offering at a price of $0.09 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one-half of a transferable Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one additional Common Share at an exercise price of $0.15 until March 26, 2022. The proceeds of the Private Placement will be used to further metallurgical test programs, for customer and feedstock supply development work and for general working capital. The completion of further tranches of the Offering are subject to the acceptance of the TSX Venture Exchange (the “Exchange”). All securities issued to purchasers in the Offering are subject to a hold period expiring four months and one day after issuance, pursuant to relevant securities legislation and the policies of the Exchange. In connection with this tranche of the Offering, the Company paid aggregate finders’ fees to qualified finders of $2,520, representing 8% of the gross proceeds in respect of certain subscriptions. The Company also issued 28,000 non-transferable finders’ warrants to qualified finders, with each finders’ warrant being exercisable to acquire one Common Share at an exercise price of $0.09 until March 26, 2021. 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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful. Medallion ...