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Medallion Resources brings in nearly $600K to advance its rare earth production

Medallion Resources is focused on low-cost, near-term, rare-earth element (REE) production
Pictured are rare earths
Medallion is focused on low-cost, near-term, rare-earth element (REE) production

Medallion Resources Ltd (CVE:MDL)(OTCQB:MLLOF) has raised gross proceeds of $597,510 after it closed the first tranche of its $630,000 non-brokered private placing, to be used for further metallurgical test programs, for customer and feedstock supply development work and for general working capital.

Medallion Resources is focused on low-cost, near-term, rare-earth element (REE) production by exploiting monazite, a by-product from mineral sand mining operations.

Medallion issued over 6.6 million shares in the first tranche at $0.09 per unit.

Each unit consists of one company share and one-half of a transferable share purchase warrant. Each warrant is exercisable to acquire one further share at an exercise price of $0.15 until March 26, 2022.

Monazite is rich in the rare earth elements neodymium and praseodymium, collectively also known as 'NdPr', which is used for lightweight, powerful rare earth permanent magnets.

Contact Giles at [email protected]

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