Medallion holding ACDC hops on highway to ASX listing
2023-01-04 17:27 ET - News Release
Mr. Alfredo Ramos Plasencia reports
MEDALLION RESOURCES' ASSOCIATE ACDC METALS LTD RECEIVES LISTING CONFIRMATION ON THE ASX
Medallion Resources Ltd. associate ACDC Metals Ltd. shares will begin trading on the Australian Securities Exchange on Jan. 17, 2023, under the ticker ADC. ACDC has completed allocation of shares issued at 20 Australian cents per share in its initial public offering.
Medallion holds 4.8 million common shares, 2.5 million performance rights that convert into common shares upon successful completion of a pilot plant incorporating the Medallion monazite process (MMP) and an additional 750,000 performance rights that convert into common shares upon commercial production. Medallion owns approximately 7 per cent of the issued shares of ACDC and, upon conversion of all performance rights to common shares, Medallion would own 8.05 million shares, or approximately 10.2 per cent of the total 78,555,130 shares that would then be outstanding.
ACDC is an integrated mineral exploration and resource development company focusing on heavy mineral sand projects located in Victoria, Australia. The company raised $8.0-million (Australian) in the IPO and has already completed an initial drill program at its Goshen Central project in Victoria, Australia. The program was designed to follow up on historic drilling by previous operators.
ACDC plans to spend approximately $1.5-million (Australian) on a pilot plant incorporating the Medallion's proprietary MMP process developed to extract rare earth elements (REEs) from monazite.
https://www.stockwatch.com/News/Item/Z-C!MDL-3349867/C/MDL