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Medallion Resources to raise up to C$1.5 million to support rare earths business

The financing provides "solid financial footing" to move the company forward quickly on its US-focused rare earth strategy, said CEO Mark Saxon

Medallion Resources Ltd. -
The Vancouver-based company will offer up to 10 million units priced at C$0.15 per unit

Medallion Resources Ltd (CVE:MDL) (OTCPINK:MLLOF) is raising up to C$1.5 million to boost its US-focused rare earths business, it announced Friday.

The Vancouver-based company will offer up to 10 million units priced at C$0.15 per unit, with each unit consisting of one share and one-half warrant exercisable at C$0.20 for a 36-month period following the offering’s close.

"We're pleased to have significant lead orders in this financing, including existing investors," said Mark Saxon, Medallion’s CEO in a statement.

READ: Medallion Resources taps experienced accounting professional Robert Doyle as CFO and corporate secretary

"This provides a solid financial footing to move the company forward quickly on our US-focused rare earth strategy."

Medallion has developed a proprietary process to produce low-cost, near-term, rare-earth elements by exploiting monazite, a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations.

The firm recently inked a services agreement with Singapore-based Talaxis Ltd, which is a subsidiary of trading house Noble Group Holdings. Talaxis will support the global sourcing and transport of monazite, along with marketing of finished products from Medallion’s proposed rare-earth element (REE) extraction plant.

Shares of Medallion were trading 13% higher in Toronto on Friday afternoon at C$0.26.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Medallion Resources Ltd.

Price: 0.315 CAD

TSX-V:MDL
Market: TSX-V
Market Cap: $18.75 m
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Medallion Resources forms Rare-Earth Elements Supply Chain consortium with a...

Medallion Resources (CVE:: MDL-OTCPK: MLLOF) CEO Mark Saxon joined Steve Darling from Proactive Vancouver with news the company has formed a technical and financial consortium aimed at accelerating the development of a comprehensive rare-earth element supply chain within the United...

on 07/14/2020

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