Medallion Resources Ltd has announced the closure of two non-brokered Flow-Through private placements of the company’s shares. The gross proceeds raised totals USD 397,632.00, which will be used to fund exploration at the Romaine Iron-Titanium Project. The shares issued in the placements have a four-month hold period, which will expire 1 May 2009. The Romaine property is estimated to contain 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron. The body of iron-titanium mineralization crops out along a known length of 3km and a width that ranges from 200m to 460m. It is open along strike and down dip. Medallion is presently completing definitive documentation and seeking regulatory approval to obtain an option to acquire a 100% interest in the Romaine iron-titanium property in Quebec.
