Medallion Resources Ltd (CVE:MDL) (OTCQB:MLLOF) (FRA:MRDN) said since January 1, it has received gross proceeds of around $792,000 from the exercise of around 4.25 million warrants and options.
The rare-earth element production specialist said the warrants and options were priced at between $0.09 and $0.40, with an average exercise price of $0.19 per share, adding that it is now in a “strong position” with over $2 million of working capital and research and engineering programs underway on both the extraction and separation of rare-earth elements (REE).
WATCH: Medallion Resources says new rare earth separation technology is a game-changer
“We are very pleased and thankful to receive the continuing support of shareholders with the exercise of almost $800,000 in warrants and options. With a strong cash position, we can now make commitments to longer term research and corporate development,” Medallion chief executive and president Mark Saxon said in a statement.
Meanwhile, the company said in addition to its long-term investment in a proprietary process for the sustainable extraction of REEs from mineral sand monazite, it has recently acquired an exclusive license to a portfolio of technology, patents, and know-how for ligand-assisted displacement (LAD) chromatography from Purdue University.
The company said the license enables it to deploy the LAD technology in the separation and purification of rare-earth elements for all minerals, mineral processing by-products, and mining waste feedstock, excluding coal-sourced materials, adding that it has also begun discussions with third parties to sub-license the LAD technology and provide much sought-after and low-environmental impact REE separation.
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