Madison Metals Closes First Tranche of Non-Brokered Private Placement

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TORONTO, March 25, 2024 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that, further to its press release dated March 12, 2024, it has issued 3,069,600 units (the “Units”) at a price of CDN$0.35 per unit for aggregate gross proceeds of CDN$1,074,360 in connection with the first tranche of a private placement (the “Private Placement”).

Each Unit consists of one (1) common share (a “Common Share”) and one-half (1/2) common share purchase warrant (each whole common share purchase warrant, a “Warrant”). 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 finder’s fees in an aggregate amount of CDN$34,484.97 and issued 98,527 finder’s warrants, with each finder’s 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 Company filed a Form 45-106F19 offering document on March 12, 2024 related to the Private Placement, which is accessible under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.madisonmetals.ca. 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.

About Madison Metals Inc.
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. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.