Medallion Resources Increases Private Placement to $630,000

Medallion Resources Increases Private Placement to $630,000

NOT FOR RELEASE IN THE UNITED STATES

VANCOUVER, British Columbia, March 15, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX -V: MDL; OTCPK: MLLOF;

Frankfurt: MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today announces that it is amending the

terms, and increasing the size, of its non-brokered private placement (the “Private Placement”), which was originally announced in a news

release of the Company earlier today.

The size of the Private Placement is increased to up to 7,000,000 units (each, a “Unit”) at a purchase price of $0.09 per Unit for gross

proceeds of $630,000. Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one-half of one

transferable Common Share purchase warrant (each whole warrant, a “Warrant”).  Each Warrant will be exercisable to acquire one

additional Common Share at an exercise price of $0.15 for a period of 36 months following the closing of the Private Placement (the

“Closing Date”). Certain Medallion directors and officers have arranged to partially fund subscriptions under the Private Placement with

proceeds from the sale of Common Shares of Medallion at a price of $0.09 per share through the facilities of the TSX Venture Exchange

(the “Exchange”).

The proceeds of the Private Placement will be used to further metallurgical test programs, for customer and feedstock supply development

work and for general working capital.  The completion of the Private Placement is subject to the acceptance of the Exchange.

Medallion has agreed to pay finders’ fees to arm’s length finders of up to 8% of the gross proceeds funded by outside parties, payable in

cash or Units, at the election of the finder, and will also grant finders ’ options (“Finders’ Options”) equal to up to 8% of the Units sold

through qualified finders. Each Finders’ Option will be exercisable to acquire one Common Share at an exercise price of $0.09 for a period

of 24 months from the Closing Date.

All securities issued in connection with the Private Placement will be subject to a four-month hold period from the Closing Date, pursuant to

applicable securities laws and the policies of the Exchange. The securities issued in connection with the Private Placement have not been

nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or

sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This

press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction

in which such offer, sale, or solicitation would be unlawful.

About Medallion Resources

Medallion Resources is developing an approach for 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. 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. More about Medallion (TSX -V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) can be found

at medallionresources.com.

Contact: Donald Lay, President & CEO at +1.604.681.9558 or [email protected]

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 content 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 the increase in the size of the

Private Placement and the completion and the use of the proceeds of the Private Placement. 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. Also, in order to proceed with

Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a

schedule or on terms that facilitate Medallion’s plans. 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.