Madison Metals Announces Second Tranche of Non-Brokered Private Placement and Amended Offering Document

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TORONTO, April 05, 2024 (GLOBE NEWSWIRE) --  Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that it intends to proceed with the second tranche of a private placement financing of units (the “Units”) in the capital of the Company at a price of CDN$0.35 per Unit. The private placement was initially announced in a press release of the Company on March 12, 2024, and on March 25, 2024 the Company announced the closing of the first tranche of the private placement by way of the issuance of 3,069,600 Units for gross proceeds of CDN$1,074,360. It is expected that the second tranche will close on or before April 12, 2024. The private placement is subject to a maximum offering size of CDN$2,500,000.

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 the closing.

A finder’s fee may be paid in the amount of 6% cash and the issuance of broker warrants equal to 6% of the Units issued in the Offering, with each broker 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 will be offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions (the “Listed Issuer Financing Exemption”). The securities issued pursuant to the Offering will not be subject to any statutory hold period in accordance with applicable Canadian securities laws.

The Company has filed an amended offering document related to the Listed Issuer Financing Exemption that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at https://www.madisonmetals.ca. Prospective investors should read this amended offering document before subscribing for any securities issued in connection with the Offering.

Madison has hired Gene McBurney and Michael Wekerle of ECM Capital Advisors Inc., a Bahamian Corporation, as a strategic advisor in connection with this transaction.

The proceeds from the Offering 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.