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Madison Metals Closes Fully Subscribed Private Placement For $500,000 Comprised of $460,000 Cash and $40,000 Debt and Announces Option Grant
TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that, further to i
About this update from Critical One Energy Inc.
[{"type":"text","content":" TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that, further to its press release dated December 4, 2023, it has issued 1,150,000 units (the “Units”) at a price of CDN$0.40 per unit for aggregate gross proceeds of $460,000 (the “Private Placement”). Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) with each Warrant entitling the holder thereof to purchase one Common Share at a price of CDN$0.60 for up to 12 months. The Company has also issued an aggregate of 100,000 Units to Duane Parnham, the Chairman and Chief Executive Officer and a director of the Company, and Ryan Thompson, the Chief Strategy Officer of the Company (together, the “Related Parties”), as payment for debt owing to the Related Parties in an aggregate amount of $40,000. Proceeds from the Private Placement will be used for exploration on the Company’s properties and for general working capital. All securities issued pursuant to the Private Placement and the shares for debt transactions described above will be subject to a four-month and one-day hold period. The issuance of Units to the Related Parties constitutes a “related party transaction” as such term is defined by Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on the exemption from the MI 61-101 valuation and minority approval requirements for related party transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of Common Shares to Related Parties, exceeds 25% of the Company's market capitalization (as determined under MI 61-101). Early Warning Report On October 23, 2023, Mr. Parnham filed an early warning report disclosing that he owned, directly or indirectly, 2,123,000 Common Shares, 620,000 options and 184,333 common share purchase warrants of the Company, representing 10.6% of the issued and outstanding Common Shares on a non-diluted basis and 9.6% on a partially diluted basis. Following the Private Placement...