The private placement consisted of 2,500,000 units at a purchase price of $0.10 each. A unit will consist of one common share in the company and one-half of a transferable common share purchase warrant which will be exercisable to acquire one additional common share at a price of $0.15 each until June 26, 2022.
In a statement, Mark Saxon, Medallion President & CEO said: “We’re pleased to close up this financing quickly and press on with the numerous business opportunities we see in the US marketplace. Our timing to exploit both corporate and US federal government interest in re-building the domestic rare-earth value chain is excellent.”
Medallion has developed a proprietary rare-earth element (REE) extraction process that can play an important role in providing security to an emerging North American REE value chain. Medallion’s unique technology-led business model can deliver the most critical magnet REEs quickly and cost-effectively.
The proceeds of the private placement will be used for business development and working capital.
All securities issued in connection with the private placement will be subject to a four-month hold period from the closing date, under applicable securities laws and the policies of the TSX Venture Exchange.