VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2014) - Medallion Resources Ltd (TSX VENTURE:MDL) (OTCQX:MLLOF) (FRANKFURT:MRD) ("Medallion" or the "Company") today announced that it has, pursuant to its stock option plan, approved a grant of stock options covering 420,000 shares at an exercise price of $.20 per share for a period of five years to directors of the Company. These options effectively replace the 420,000 directors' options which were due to expire in January 2014. The expiring options have been exercised in full for total proceeds to the Company of $63,000.
Medallion has also approved a grant of 100,000 incentive options to the principals of Hamza Thindal Capital Corp., the Company's investor relations firm, to purchase shares of the Company at a price of $0.20 per share, for a period of five years. These options are subject to vesting on the basis of 25% after the first three months and 25% every quarter thereafter until fully vested. All stock option grants are subject to the approval of the TSX Venture Exchange (the "Exchange").
The Company also reports that further to its news release of December 9, 2013 it has now completed the shares for debt settlement and issued 236,250 shares to Euro Pacific Canada Inc. such that the debt related to the previous corporate-finance services agreement is extinguished. The shares have a hold period until April 23, 2014.
About Medallion Resources
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 VENTURE:MDL) (OTCQX:MLLOF) (FRANKFURT:MRD) can be found at www.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.