Medallion Metals: Raises $4.8m to bolster work at Ravensthorpe

Medallion Metals Raises $4.8m to bolster work at Ravensthorpe

• Medallion Metals (MM8) receives commitments to raise $4.8 million through a heavily oversubscribed share placement
• The shares will be issued in two tranches to both sophisticated investors and several of Medallion’s directors
• The company says it will emerge with a cash balance of over $8 million to primarily fund its Ravensthorpe Project
• Located in southern Western Australia, the project has an existing mineral resource estimate of 8.8 million tonnes at 2.4 grams per tonne (g/t) gold
• Shares in MedallionMetals are down 13.33 per cent to $0.20 as of 2:44 pm AEDT