$207,583 Private Placement with MineralFields Group to Fund Romaine River Iron-Titanium Projectadmin
Medallion Resources Ltd. announces that it is arranging a non-brokered private placement of the Company shares with MineralFields Group (a division of Pathway Asset Management). The private placement will consist of 1,383,886 flow-through common shares at $0.15 per share. The gross proceeds of the private placement will be $207,583. All shares will have a hold period of four months. The private placement is subject to regulatory approval.
Medallion will pay a finder’s fee of 8%, which may be paid in cash or in an equivalent number of non-flow-through common shares at $0.15 per share.
The net proceeds of the private placement will be used to fund the ongoing work program on the Romaine Iron-Titanium Project.
Historical drilling and metallurgical work support the Romaine Iron-Titanium project’s historical resource estimate of 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron.(x) The body of iron-titanium mineralization crops out along a known length of three kilometres and a width that ranges from 200 metres to 460 metres. It is open along strike and down dip. Information from the 1960′s and 1970′s suggests that there is a significant potential for increasing both the size and grade of the body.(x)
The Romaine Iron-Titanium Project minerals are hematite (Fe2O3) and ilmenite (FeTiO3), which are the minerals mined at the nearby QIT mine (three kilometres to the west). Rio Tinto’s QIT mine, with a 50-million-tonne reserve, is a leading producer of high-quality titanium and steel and is presently, the largest iron-titanium mine of its type in the world.