Business
Medallion Resources Extends Maturity of Unsecured Promissory Notes
VANCOUVER, British Columbia, July 31, 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, July 31, 2023 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce that the holders of the Company’s US$1,150,000 Principal Amount unsecured promissory notes (the “Notes”) originally due August 2, 2023 (see press release dated August 4, 2022) have agreed to extend the maturity date to October 31, 2023. In light of recent market conditions and the Company’s decision to pursue financing alternatives other than listing on Nasdaq Capital Markets, the amended Notes cancel the convertibility features and the issuance of warrants to purchase shares had the Company completed a public offering on a U.S. National Securities Market and delisting from the TSX Venture Exchange (“TSXV”) prior to August 2, 2023. In consideration for the extension and cancellation of equity-related rights as mentioned above, the Company has agreed to pay the Note holders a loan bonus of US$100,000 capitalized in the Notes on August 2, 2023 and to increase the interest rate to 15% pa for the period from August 2, 2023 to October 31, 2023. The total amount due on October 31, 2023 will be US$1,356,531 (Cdn$1,795,000 at the current exchange rate). The loan extension provides the Company with additional time as it seeks to secure US$5 million funding by September 30, 2023 to fulfill its commitment under the technology license agreement with Purdue Research Foundation. Alfredo Ramos Plasencia, CEO said, “We are in active discussion with potential financing sources seeking to secure sufficient funding to enable us to execute our strategic plan to provide commercial separation of magnet rare earths that we laid out in more detail in our press release dated March 30, 2023.” About Medallion Resources Ltd. Medallion Resources (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) has exclusively licensed patented displacement chromatography methodologies, developed by Purdue University from Purdue Research Foundation to separate minerals including rare earth elements from all raw material feed stocks excluding coal sources and excluding recycled materials from manufacturing wastes and recyclates from battery and magnet sources. Separately, Medallion has developed a proprietary process and related business model to achieve low-cost extraction of rare earth el...