Medallion Closes $325,000 Private Placement

VANCOUVER, BC--(Marketwired - May 01, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Medallion Resources Ltd (TSX VENTURE: MDL) (OTCQB: MLLOF) ("Medallion" or the "Company"), today announced that it has closed its non-brokered private placement (the "Offering"), as announced in news releases issued April 8, 9 and 20, 2015, for total gross proceeds of $325,000. 

Pursuant to the Offering, the Company has issued 6,500,000 units (each a "Unit") at $.05 per Unit, each unit consisting of one common share and one-half of a transferable common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to acquire one common share of Medallion at an exercise price of $0.20, for the period ending May 1, 2018. Medallion directors and officers subscribed for 1,918,500 Units or $95,925 of the Offering, which included the investment of $94,425 of subscription funds received from the recent sale of 1,888,500 shares of Medallion through the facilities of the TSX Venture Exchange (the "Exchange"). 

All securities issued to purchasers in the Offering are subject to a hold period expiring September 1, 2015, pursuant to relevant securities legislation and the policies of the Exchange.   The Company paid cash finders' fees of $1,452 and issued 40,000 finder's units ("Finder's Units"), representing 8% of the gross proceeds to certain qualified finders.  Each Finder Unit has the same term as the Units issued under the Offering except that the warrants are not transferable.   Medallion also issued to these qualified finders 69,400 finder's options ("Finder's Options").  Each Finder Option is exercisable to acquire one common share of the Company at an exercise price of $0.05 per share until September 1, 2017. 

The proceeds of the Offering will be used for metallurgical studies, monazite feedstock acquisition activities, plant site selection work and working capital purposes.   

The securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.

About Medallion Resources

Medallion Resources is focused on the opportunity for low-cost, near-term, rare-earth production by exploiting the mineral monazite. Monazite is a rare-earth phosphate that is available as a by-product from existing mining and mineral-sands sources, principally in the Indian Ocean basin. 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 mineral processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRD) can be found at medallionresources.com.

Medallion management takes full responsibility for content and has prepared this news release. 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 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, including the risks inherent in completing laboratory-scale processing tests and applying the results to full-scale production and other risks outlined in the Company's management discussions and analysis of financial results. 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.