Business
Medallion Resources Strengthens Its Up-List Plan to Facilitate Dual Listing in the U.S. and Canada
VANCOUVER, British Columbia, May 13, 2022 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN – “Medallion” or the “Company”
About this update from Gamma Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, May 13, 2022 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN – “Medallion” or the “Company”) is pleased to announce that it plans to introduce a resolution at its upcoming Annual General and Special Meeting of Shareholders (the “Shareholders’ Meeting”) to enable the Company’s common shares to continue trading on the TSX Venture Exchange (“TSX-V”) after the planned listing on the Nasdaq Capital Market (“NasdaqCM”). In its news release dated April 26, 2022, Medallion announced a new strategic plan to position the Company in the near term as a technology leader within the industries essential to the generation, storage, and efficient use of clean energy. Key parts of the plan include a strengthened executive leadership team, listing its common shares on NasdaqCM, and rebranding as Medallion Innovations Corp. to better reflect the future direction of the Company. The Company is pleased to report that on May 12, 2022 it filed a registration statement with the U.S. Securities Exchange on Form F-1, available at https://www.sec.gov/edgar/browse/?CIK=1370496. This release is neither an offer to sell, nor the solicitation of an offer to buy, the Company’s securities. Any such offer or solicitation can only be made by means of a prospectus, which forms a part of the Company’s registration statement. The Consent Solicitation materials sent to shareholders in connection with the Shareholders’ Meeting on May 27, 2022 included a resolution authorizing the Company to proceed with the listing of the Company’s common shares on NasdaqCM and de-listing the Company’s common shares from the TSX-V. Based on input from shareholders and the Company’s financial advisors, in order to enable the Company’s common shares to be dual listed and continue trading on the TSX-V, the Company plans to introduce a resolution as additional business at the Shareholders’ Meeting authorizing its board of directors to complete a share consolidation at a consolidation ratio sufficient to meet the Initial Listing Requirements of NasdaqCM, namely a US $4.00 per share minimum bid price, up to a maximum consolidation ratio of 90 pre-consolidation shares for each post-consolidation share. Based on recent trading prices around Cdn $0.12 per share, a minimum consolidation ratio of approximately 45 pre-consolida...