Medallion Arranges $2 Million Private Placement with Jordan Capital Markets

    TSX.V:MDL

    VANCOUVER, Feb. 27 /CNW/ - Medallion Resources Ltd ("Medallion" or the
"Company" - TSX.V: MDL) announces that it has arranged a brokered private
placement of up to $2,000,010 of flow-through and non-flow through units at
$0.15 per unit through the issuance of up to 6,666,700 Flow Through Units ("FT
Units") and 6,666,700 Non-Flow Through Units ("Non-FT Units") (the
"Offering"). Medallion has engaged Jordan Capital Markets Inc. ("Jordan") to
act as sole and exclusive agent for the offering on a commercially
reasonable-efforts basis.
    Each FT Unit will consist of one common share and one-half of one
transferable common share purchase warrant ("FT Warrant"). Each whole FT
Warrant shall be exercisable to acquire one common share at a price of $0.25
for the period of 36 months from closing of the Offering ("Closing Date"). The
Company may give written notice to Jordan and the holders of the FT Warrants
that the expiry date of the FT Warrants has been shortened to the date that is
30 days after the date of such notice if the closing price of the Company's
common shares is equal to or greater than $0.50 per share for 20 consecutive
trading days any time following four months from closing.
    Each Non-FT Unit will consist of one common share and one transferable
common share purchase warrant ("Warrant"). Each Warrant shall be convertible
into one common share at a price of $0.25 for the period of 36 months from the
Closing Date. The Company may give written notice to Jordan and the holders of
the Warrants that the expiry date of the Warrants has been shortened to the
date that is 30 days after the date of such notice if the closing price of the
Company's common shares is equal to or greater than $0.50 per share for 20
consecutive trading days any time following four months from closing.
    The Offering will be sold utilizing the "accredited" investor exemptions
from prospectus requirements in applicable jurisdictions and such other
exemptions as Jordan and the Issuer may agree.
    Medallion will pay Jordan a commission of 9% of the gross proceeds raised
in the Offering (the "Commission") payable in cash or Non-FT Units. As
additional consideration, Jordan will be granted non-transferable options (the
"Agent's Options") entitling Jordan to purchase Non-FT Units equivalent to
10.0% of the aggregate number of FT Units and Non-FT Units sold under the
Offering, at the Offering price, for a period of 36 months from the date of
closing of the Offering. Medallion has also agreed to pay Jordan a corporate
finance fee. The Offering remains subject to regulatory approval.
    The net proceeds of the private placement will be used to fund the
ongoing work program on the Romaine Iron-Titanium Project and for working
capital.

    About Jordan Capital Markets Inc.

    Jordan Capital Markets Inc. ("JORDAN"), located in Vancouver, British
Columbia, Canada was approved for Membership in the Investment Industry
Regulatory Organization of Canada ("IIROC") as an Investment Dealer on October
9, 2008 and received Participating Organization/Member status on the TSE and
TSX Venture Exchange effective October 31, 2008.
    Jordan's International experience and Investment Banking offering is
uniquely positioned to provide services to the increasing activity of private
financings and M&A activity generated by current market conditions and in the
long term.ON BEHALF OF THE BOARD OF DIRECTORS

    "William H Bird", PhD, PGeo, President & CEOCompany Management, takes full responsibility for content, prepared this
news release. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Some of the
statements contained in this release are forward-looking statements, such as
estimates and statements that describe the Company's future exploration and
financing plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in these
statements. Such risks include expectations that may be raised by discussing
potential mine types and by comparing the Company's projects to other
projects. Also, in order to proceed with the Company's exploration plans,
additional funding is necessary and, depending on market conditions, this
funding may not be forthcoming on a schedule or on terms that facilitate the
Company's plans.

For further information: www.medallionresources.com; Corporate
Development: David Fry, [phone], [e-mail]