MDL - Previous FinancingOne of the things I like about management is that they are very effective with capital. Look at RES, and the number of shares outstanding after being around for 7 years or so. Low float, no dilution, and now look at Bill B and MDL. Raising the bare bones capital to get the job done without dilution, now that the share price is much higher, they have leveraged their share capital effectively. It is great to see and trust that management knows how to treat shareholders for the long run. Bought a bunch more this week between .28 and .30.
Cheers, Flow
PRESS RELEASE FROM THENEWSWIRE.CA
Private Placement Oversubscribed, Closes At $265,000
Wednesday, July 14, 2010
(via Thenewswire.ca)
Vancouver, BC - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V : MDL) announces that it has closed its non-brokered unit private placement (announced 2 June 2010 as a placement of up to 2 million units or $250,000). The Offering was oversubscribed and closed at 2,120,000 Units (each a "Unit") at
.125 per Unit for gross proceeds of $265,000 (the "Offering").
Each Unit consists of one common share and one transferable common-share purchase warrant (a "Warrant"). Each Warrant can be exercised to acquire one common share at an exercise price of
.25 for a period of 36 months from closing of the Offering (12 July 2010 - the "Closing Date"). Medallion has agreed to pay cash finders' fees of $8,831.25 and grant 63,900 finders' options, to eligible finders. Each finders' option can be exercised to acquire one common share at an exercise price of
.125 per share for a period of 24 months from the Closing Date.
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.
Last week. Medallion also closed a Flow-Through private placement, raising $450,000. The total proceeds raised from the Offering and the previous Flow-Through placement are $715,000, which will be used for working capital and for exploration on the Company's Eden Rare-Earth and Red Wine Heavy-Rare-Earth Projects.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are
key components required by many new energy-saving technologies including wind
turbines, electric and hybrid vehicles, super magnets and virtually all modern electronics.
Medallion is well positioned to take part in potential breakthroughs in the exploration for
these rare metals.
Medallion has concluded an agreement with Rare Element Resources to option a 65%
interest in a joint venture to explore the Eden Lake REE property in western Manitoba.
The Eden Lake property is a recent discovery and one of North America's most
promising REE prospects. Distribution studies indicate that the property has a potential
for high neodymium and significant heavy REE by-products. The agreement with Rare
Element Resources and the related filing of an NI43-101-compliant Technical Report on
the Eden property remain subject to final regulatory approval.
Medallion also has an agreement to option six southern Labrador mineral licences that
cover 4225 hectares of the Red Wine peralkaline intrusion. The peralkaline rocks of the
Red Wine intrusion are noted for REE occurrences and high concentrations of the
mineral eudialyte which often contains the heavy REE's. The agreement to option the
Red Wine licences remains subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo
President & CEO