Business
Madison Metals and Lux Announce Mutual Termination of Partnership
TORONTO, April 28, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) and Lux Partners Limited ("Lux") announc
About this update from Critical One Energy Inc.
[{"type":"text","content":" TORONTO, April 28, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) and Lux Partners Limited (\"Lux\") announced today that they have agreed to mutually terminate their partnership, effective immediately. This decision was made due to the challenging market conditions and climate, which have made it difficult to continue the partnership. One of the contributing factors to this decision were developments involving Stripe, Inc., the payment processing platform used by Lux. Stripe froze Lux funds and then terminated the account used last year, disrupting key banking and financial operations. Given the challenges in creating a satisfactory product that both parties can trust, Madison and Lux have decided it is in the best interest of all stakeholders for Lux to refund purchases made and for the companies to move forward independent of each other. \"Given the current market conditions and challenges, we have made the difficult decision to mutually terminate the partnership. We remain committed to our goals and are actively pursuing alternative strategies to achieve them,\" said Duane Parnham, Executive Chairman and CEO of Madison Metals. \"We have enjoyed a successful partnership with Madison and are proud of the work we have accomplished together,\" said Zach Kelling, President of Lux. \"We believe that it is in the best interest of all parties to mutually terminate the partnership. Lux wishes Madison the best of luck in their future endeavors.\" Both Madison and Lux remain committed to their respective goals and are actively pursuing alternative strategies to achieve them. While the partnership may have ended, both companies remain committed to the principles of collaboration and mutual respect that defined their relationship. About Madison Metals Inc. Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge technologies and modern strategies, Madison Metals Inc. is positioned to move advanced uranium assets to market quickly. 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. Additional information about Madison Metals Inc. can be fo...