MLLOF - Medallion Rockets on Private Placement

The junior mining sector rolls along in Canada. On Tuesday, Vancouver-based Medallion Resources Ltd. (TSX-Venture: MDL) told investors about arrangement of a non-brokered private placement of up to 2,500,000 units at a purchase price of $0.10 per Unit for gross proceeds of up to $250,000.

CEO Mark Saxon exulted, "The financing allows us to press forward with business opportunities in the U.S. and continue to engage with potential financial and technical partners."

Medallion has been in the news of late, having developed a proprietary rare-earth element extraction process that can play an important role in providing security to an emerging North American REE value chain.

In Tuesday’s news release, the company is quoted as saying “Medallion’s unique technology-led business model can deliver the most critical magnet REEs quickly and cost-effectively.”

The proceeds of the Private Placement will be used for business development and working capital.

MDL shares made their way into noon hour EDT Tuesday up 13.7% to 9.145 cents, on volume of 1.1 million shares.