Medallion Receives Notice of Default From Purdue Research Foundation
October 09 2023 - 8:17PM
Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF;
Frankfurt: MRDN) – “Medallion” or the “Company”) announced
today that it has received notice of default from Purdue Research
Foundation (“PRF”) and has until October 17, 2023 to cure the
default or the Company’s license to use ligand assisted
displacement chromatography will be terminated.
The Company is in discussion with PRF about curing the default
or extending the term but there is no assurance that those
discussions will be successful.
ABOUT MEDALLION RESOURCES
LTD.Medallion Resources (TSX-V: MDL; OTCQB: MLLOF;
Frankfurt: MRDN) has developed a proprietary process and related
business model to achieve low-cost extraction of rare earth
elements from monazite, a phosphate mineral that is a common
byproduct of heavy mineral sand operations.
REEs are critical inputs to electric and hybrid vehicles,
robotics, 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 the Life Cycle Assessment
methodology to support investment and process decision-making.
More about Medallion can be found at
www.mdl-innovations.com.
Contacts
Gabriel Alonso-Mendoza, Interim
CEO +1 212 970 1963 | gam@mdl-innovations.com
Douglas Newby, CFO +1 212 867
1834 | douglas.newby@mdl-innovations.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 regarding its rights to
commercialization of technologies and opportunities for expansion
of the technology portfolio in the future, and any 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.
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