Medallion Resources Announces Results of Annual General and Special Meeting of Shareholders

Rhea-AI Summary

Medallion Resources Ltd. (OTCQB: MLLOF) announced that all resolutions were approved during its Annual General and Special Meeting held on May 27, 2022. A total of 34.86% of eligible shares were represented. Key outcomes included the election of six directors, re-appointment of auditors, and strong support for an Up-Listing Resolution to Nasdaq. Notably, 100% of shareholders approved a share consolidation to meet Nasdaq's minimum bid price requirement of $4.00 per share. This marks a significant step in Medallion's strategy to advance its rare earth element processing technologies.

Positive

• All resolutions passed at the Annual General Meeting.
• Strong shareholder support for Up-Listing Resolution to Nasdaq with 95.4% approval.
• 100% approval for share consolidation to meet Nasdaq listing requirements.

Negative

• None.

VANCOUVER, British Columbia, May 27, 2022 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN – “Medallion” or the “Company”) is pleased to announce that shareholders have approved all resolutions put forth at the Annual General and Special Meeting of Shareholders (the “Shareholders’ Meeting”) held in Vancouver, BC, on May 27, 2022.

In the annual meeting, 34.86% of the eligible shares were represented and all motions put forward by the Company were passed.

The number of directors of the Company was fixed at six and Mark Saxon, Rod McKeen, David Shaw, Andrew Morden, Gabriel Alonso-Mendoza and Kurt Forrester were elected as directors of the Company to hold office until the next annual general meeting. 

Davidson LLP was re-appointed as auditors of the company and the board is authorized to fix the remuneration to be paid to the auditors.

95.4% of the Medallion shareholders other than directors, who were not eligible to vote, voted in favor of the Up-Listing Resolution authorizing the Company to proceed with its plans to list on the Nasdaq Capital Market (“NasdaqCM”) and, at the board’s discretion, delist from the Tier 2 of the TSX Venture Exchange. 100% of all shareholders voted in favor of a share consolidation at a consolidation ratio sufficient to meet the Initial Listing Requirements of NasdaqCM, namely a US$4.00 per share minimum bid price, up to a maximum consolidation ratio of 90 pre-consolidation shares for each post-consolidation share.

“Today’s result in support of the Company’s new Strategic Plan outlined in our news release dated April 26, 2022 is an important step towards listing on Nasdaq and strengthening the management team to commercialize Medallion’s rare earth element processing technologies and establish other technologies to support the clean energy transition,” Mark Saxon, President & CEO stated.

About Medallion Resources

Medallion Resources (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) has developed a proprietary process and related business model to achieve low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. Furthermore, Medallion has recently licensed an innovative REE separation technology from Purdue Research Foundation which can be utilized by Medallion and sub-licensed by Medallion to third party REE producers.

REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. Medallion utilizes Life Cycle Assessment methodology to support investment and process decision making.

More about Medallion can be found at medallionresources.com.

Contact(s):

Mark Saxon, President & CEO
+1.604.681.9558 or msaxon@medallionresources.com

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.

Medallion management takes full responsibility for the content of and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to general strategic matters and the advancement of its business plan, and Medallion’s ability to advance and commercialize its technology platforms and negotiate commercial agreements with third parties.

Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible," "projects," "plans," and similar expressions, or statements that events, conditions or results "will," "may," "could," or "should" occur or be achieved or their negatives or other comparable words.   Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval 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. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required pursuant to applicable laws.

This release is neither an offer to sell, nor the solicitation of an offer to buy, the Company’s securities in the U.S.. Any such offer or solicitation can only be made by means of a prospectus, which forms a part of the Company’s registration statement filed with the U.S. Securities and Exchange Commission on Form F-1:
https://www.sec.gov/Archives/edgar/data/0001370496/000149315222013128/formf-1.htm.

FAQ

What were the outcomes of Medallion Resources' Annual General Meeting held on May 27, 2022?

All resolutions were approved, including the election of directors and the Up-Listing Resolution to Nasdaq.

How many shareholders participated in the Medallion Resources AGM on May 27, 2022?

34.86% of eligible shares were represented at the meeting.

What is the significance of the Up-Listing Resolution passed by Medallion Resources?

The resolution allows Medallion to proceed with plans to list on the Nasdaq Capital Market.

What share consolidation was approved for Medallion Resources during the AGM?

Shareholders approved a consolidation ratio to meet Nasdaq's minimum bid price of $4.00 per share.