Madison Metals Closes Second Tranche of Non-Brokered Private Placement
Summary
Each full Warrant entitles the holder thereof to purchase one Common Share in the capital of the Company for a price of CDN$0.50 for a period of eighteen (18) months from the date of issuance.In connection with the Private Placement, the Company paid compensation to certain eligible finders consisting of cash finders fees in an aggregate amount of CDN$34,484.97 and issued 98,527 finders warrants, with each finders warrant entitling the holder to acquire one common share of the Company for a period of eighteen (18) months from the date of issuance at an exercise price of CDN$0.50 per common share.The Units were sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions. The securities issued pursuant to the Private Placement are not subject to any statutory hold period in accordance with applicable Canadian securities laws.The proceeds from the Private Placement will be used by the Company primarily to commence drilling activities at the Khan high-grade uranium discovery in Namibia, for acquisition costs and general working capital.Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the anticipated uses of the proceeds raised from the private placement described in this press release.Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will have access to the resources required to undertake the exploration work that a portion of the proceeds from the private placement are expected to be used for.However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.