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.