Medallion Resources Applies for Warrant Extension
October 19, 2013 (Source: Medallion Resources Ltd.) — Medallion Resources Ltd. (TSX-V: MDL; OTCQX: MLLOF – “Medallion” or the “Company”) wishes to announce that it has applied to the TSX Venture Exchange (the “Exchange”) for acceptance to amend the terms of an aggregate of 4,499,993 common share purchase warrants (the “Warrants”) issued pursuant to a non-brokered private placement (the “Private Placement”) which closed in two tranches, on October 25, 2010 and November 9, 2010, respectively. The Warrants originally issued are exercisable into common shares in the capital of the Company at an exercise price of $0.40 per common share, with 1,958,331 of the Warrants expiring on October 25, 2013 and 2,541,662 Warrants expiring on November 9, 2013. These Warrants will be amended by extending the expiry date of the Warrants to May 30, 2014. No Warrants issued under the Private Placement have been exercised to date. The amendment to the terms of the Warrants is subject to Exchange approval.
About Medallion Resources Ltd.
Medallion is rethinking rare earths. Led by Dr Bill Bird and supported by an experienced technical team, the Company focuses on low-cost, near-term, rare-earth production opportunities using the rare-earth mineral monazite, which is available as a by-product from existing mining and mineral-sands sources principally in the Indian Ocean basin. Medallion, partnered with Takamul Investment Company, is currently evaluating a proposal to import monazite feedstock and produce rare-earth products at a proposed processing facility in the industrial city of Duqm, Oman. Rare earths are used in critical components for virtually all computing and mobile electronic products, as well as wind turbines, electric and hybrid vehicles, and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mining, mineral processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCQX: MLLOF; Frankfurt: MRD) can be found at medallionresources.com.
Medallion management has prepared this news release and takes full responsibility for content. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Medallion’s future exploration, production and financing plans, objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential business, acquisitions or development plans. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>