source：Proactive Investors USA & CanadaMedallion Resources Ltd (CVE:MDL) (OTCMKTS:MLLOF) announced another step in its development Friday, having raised a total of C$794,874 in a private placing to advance the business. The company is developing a low-cost process to extract rare earth elements by exploiting monazite, a by-product of heavy mineral sands mining.Late last month, the group achieved a major milestone in completing the development of its proprietary flow-sheet design to extract a rare-earth element (REE) concentrate from monazite sand – with advantages in automation and cost-efficiency.WATCH: Full interview: Medallion Resources takes another step forward towards producing rare earth metalsThe proceeds of this fundraise, which has now seen the second and final tranche closed, will be used for process engineering and trade-off studies, business development and general working capital, the company said.Medallion issued over 2.19 million units in the second tranche at C$0.105 a throw for gross proceeds of C$230,754. In total, the offering, including both tranches, brought in total gross proceeds of C$794,874.Each unit consisted of one company share and one half of a transferable share purchase warrant. Each warrant is exercisable to acquire one further company share at C$0.165 until February 10, 2022.Rare earth metals are critical these days in the manufacture of electric and hybrid vehicles, electronics, imaging systems, wind turbines and defense systems.