Medallion Metals (ASX:MM8) said the ASX granted a waiver the firm sought in relation to its share purchase plan, as a result of which the plan will not utilize the firm's available placement capacity under listing rules and will not require shareholder approval, according to a Monday Australian bourse filing.

The waiver was granted on the conditions that the issue price of the shares offered under the plan will not be less than AU$0.33, as well as the number of shares to be issued under the plan must not be more than 30% of the number of fully paid ordinary shares of Medallion already on issue.

The offer price of AU$0.33 per share under the plan was less than 80% of the five-day volume-weighted average price per share before the announcement date of the plan on Dec. 12.

The firm's shares rose 1% in recent trading on Monday.