Medallion Resources MDL Plant

Medallion Resources (MDL.V) has now closed the second tranche of its financing which was announced in August. The second tranche consisted of almost 2.2 million units for a total of C$231,000 as each unit consisted of one common share as well as half a warrant with an exercise price of C$0.165, expiring in February 2022 (after a 2.5 year term).

This brings the total proceeds of this financing to almost C$800,000 and will be used to further advance the engineering studies on the monazite processing plant. Medallion’s share price has now dropped to 8 cents which is almost 25% below the level the financing was conducted at, so MDL was smart to take the money.

Disclosure: The author has a long position in Medallion Resources. Medallion is a sponsor of the website.

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