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Medallion Resources closes $1,600,000 non-brokered private placement, with lead investments by Talaxis Limited and Amvest Capital Inc

The monies raised will be used to fund development of the company’s new North American-focused rare-earth element (REE) supply chain consortium

Medallion Resources Ltd. -
Medallion President & CEO Mark Saxo commented: “The completion of this financing, with highly-regarded investors as leads, is very positive for Medallion"

Medallion Resources Ltd. (CVE:MDL) said it has closed its $1,600,000 non-brokered private placement, with lead investments by Talaxis Limited and Amvest Capital Inc, to fund development of the company’s new North American-focused rare-earth element (REE) supply chain consortium.

In a statement, Medallion President & CEO Mark Saxo commented: “The completion of this financing, with highly-regarded investors as leads, is very positive for Medallion. The alignment of a skilled investor and supply chain manager like Talaxis, with the financial acumen of Amvest, is an excellent sign that the Company is on the right track for the near-term production of the critical magnet REEs in North America.”

READ: Medallion Resources upsizes private placing to C$1.6M due to market demand

The company issued 10,666,667 units in the private placement at a purchase price of $0.15 per unit for gross proceeds of $1,600,000. Each unit consists of one common share in the capital of the company and one-half of a transferable common share purchase warrant, exercisable to acquire one additional Common Share at a price of $0.20 each until August 25 2023.

Daniel Mamadou-Blanco Managing Director and Global Head of Technology Metals and Materials at Noble Group Holdings Limited, the owner of Talaxis said: “We are delighted to have been able to invest in Medallion, building on our central role in the Company’s REE consortium. This is a very exciting project in the vital REE processing sector, which is so critical to the development of sustainable technologies.”

Talaxis is a wholly-owned subsidiary of Noble Group Holdings Limited, Asia’s leading independent energy products and industrial raw materials supply chain manager. It invests and participates in the development of projects in the technology metals sector, leveraging Noble’s resources through access to logistics and supply chain management, and assists with the design and structure of project financing solutions.

Gabriel Alonso-Mendoza, managing partner at Amvest Capital added: “Since 2018, Amvest has supported Medallion’s market presence and the development of its proprietary process design work for the extraction of REEs from monazite sands. More than ever, we are excited about the future of Medallion and delighted to increase our shareholding through this placement.”

Amvest is a New York-based specialist investment management, and corporate finance firm focused on the natural resources sector. Amvest partners with companies developing natural resource assets and supply chains in a sustainable, socially responsible manner by providing capital, market exposure and advice.

Medallion Resources has developed a proprietary process and related business model to achieve low-cost, near-term, REE production by exploiting monazite.

Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems.

Contact the author at jon.hopkins@proactiveinvestors.com

Quick facts: Medallion Resources Ltd.

Price: 0.28 CAD

TSX-V:MDL
Market: TSX-V
Market Cap: $16.67 m
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