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.
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