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Medallion Resources receives shareholder support for board changes

Mark Saxon, Don Lay, Rod McKeen, David Shaw and Andrew Morden were elected to serve as directors on the company’s board

Medallion Resources Ltd. - Medallion Resources receives shareholder support for board changes
Medallion Resources CEO Mark Saxon said the company is "pleased to gain shareholder support as we progress towards execution of our rare-earth element from mineral sand monazite strategy"

Medallion Resources Ltd (CVE:MDL) (OTCQB:MLLOF) (FRA:MRDN) said on Monday that it received shareholder support to appoint five directors to serve on the company’s board. 

The Vancouver-based company said all the resolutions put forward by the company at the Annual General Meeting (AGM), in Vancouver, on October 22 were approved. 

As a result, Mark Saxon, Don Lay, Rod McKeen, David Shaw and Andrew Morden were elected to serve as directors on the company’s board. David Haber, former chairman, did not stand for re-election as a director. 

In addition, the company announced the reappointment of Davidson & Company LLP as auditor for the coming year and saw the approval of the standard 10% stock option plan.

READ: Medallion Resources shares now trading on OTCQB after it receives exchange approval

After the AGM, the directors elected Rod McKeen as chairman of the board, replacing David Haber. The board renewed Mark Saxon as president and CEO, Robert Doyle as CFO and corporate secretary, and appointed Don Lay as vice president of corporate development.

“We are pleased to gain shareholder support as we progress towards execution of our rare-earth element from mineral sand monazite strategy,” said Medallion Resources CEO Mark Saxon.

“Of particular note, I would like to thank David Haber for his 15 years of contribution to Medallion as a director and board chairman. His personal and professional input shall be missed, and we wish him well in all his endeavors. I welcome Rod McKeen to the chair and appreciate his leadership.”

Medallion has developed a proprietary Medallion Monazite Process method and related business model to achieve low-cost, near-term, rare-earth element production utilizing mineral sand monazite.

Monazite is a rare-earth phosphate mineral widely available as a by-product from global, mineral sand-mining operations.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: Medallion Resources Ltd.

Price: 0.21 CAD

TSX-V:MDL
Market: TSX-V
Market Cap: $12.5 m
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