- Medallion Resources (MDL) has announced that ACDC Metals (ACDC) shares will begin trading on the Australian Securities Exchange
- The ACDC shares will begin trading on the ASX on January 17, 2023, under the ticker ADC
- Medallion owns approximately 7 per cent of the issued shares of ACDC
- Upon conversion of all performance rights to common shares, Medallion will own 8,050,000 shares (10.2 per cent of the outstanding total of 78,555,130 shares)
- Medallion Resources Ltd is a Canada-based mineral exploration company which focuses on a rare-earth business strategy involving the mineral monazite
- Medallion Resources Ltd. opened trading at C$0.095
Medallion Resources (MDL) has announced that ACDC Metals (ACDC) shares will begin trading on the Australian Securities Exchange.
The ACDC shares will begin trading on the ASX on January 17, 2023, under the ticker ADC.
The listing on the ASX follows ACDC’s completion of the allocation of shares issued at A$0.20 per share in its initial public offering.
Medallion holds 4,800,000 common shares and 2,500,000 performance rights that convert into common shares upon successful completion of a pilot plant incorporating the Medallion Monazite Process (MMP). It also holds additional 750,000 performance rights that convert into common shares upon commercial production.
Furthermore, Medallion owns approximately 7 per cent of the issued shares of ACDC. Upon conversion of all performance rights to common shares, Medallion will own 8,050,000 shares or approximately 10.2 per cent of the total 78,555,130 shares that will be outstanding.
ACDC is an integrated mineral exploration and resource development company focusing on heavy mineral sand projects located in Victoria, Australia.
The company raised A$8.0 million in the IPO and has already completed an initial drill program at its Goshen Central Project in Victoria, Australia.
ACDC plans to spend approximately A$1.5 million on a pilot plant incorporating Medallion’s proprietary MMP process developed to extract rare earth elements (REEs) from monazite.
Monazite is a by-product of heavy mineral sand processing as well as a primary ore at Lynas Corp’s Mt Weld mine and elsewhere.
Medallion and ACDC have also agreed to collaborate on advancing a rare earth refinery to process mixed REE compounds to produce separated rare earth oxides (REOs) using the Ligand Assisted Displacement (LAD) Chromatography process developed by Purdue University.
“Congratulations to the ACDC team for a successful IPO in these difficult times, indicating strong investor interest in rare earths and the company’s assets in particular,” said Alfredo Ramos Plasencia, Medallion’s President and CEO.
“ACDC’s success is an important step towards commercializing Medallion’s critical mineral processing technologies, and we look forward to working with ACDC to complete the pilot plant and beyond,” he added.
Medallion Resources Ltd is a Canada-based mineral exploration company which focuses on a rare-earth business strategy involving the mineral monazite.
Medallion Resources Ltd. opened trading at C$0.095.
