$2.7 Million FinancingHere's the meat:
"Subject to TSX Venture Exchange approval, Medallion Resources Ltd. has arranged a non-brokered private placement of up to nine million units at 30 cents per unit for gross proceeds of up to $2.7-million. Each Unit consists of one common share and one-half transferable common share purchase warrant (a "Warrant"). Each whole Warrant shall be exercisable to acquire one common share at an exercise price of
.40 for a period of 36 months from closing of the Offering ("Closing Date"). The Company has appointed Global Hunter Securities LLC as its exclusive United States institutional facilitator for the Offering.
Medallion has agreed to pay a finders' fee of 7.5% of the gross proceeds, payable in cash or Units (at the discretion of the finder), and grant finders' options equal to 10% of the Units sold by qualified finders. Each finders' option shall be exercisable to acquire one common share of the Company at an exercise price of
.40 per share for a period of 24 months from the Closing Date.
The proceeds of the Offering will be used for further exploration of the Company's Eden rare-earth-element (REE) project in Manitoba and its Red Wine heavy REE project in Labrador, initial metallurgical studies, property payments, and working capital."