TORONTO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN ) (OTCQB: MMTLF ) and Lux Partners Ltd. (“Lux”) is pleased to announce the first capital injection from the first initial tranche coin launch of the Lux Uranium token, with total net proceeds of Madison USD 5.12 million.
The initial sale has exceeded all Lux forecasts as the non-fungible tokens (NFTs) continue to offer an exceptional value proposition, price discovery and transparency of exposure to uranium at a marginal discount to today’s U.3O8 spot price as stated at USD 52.60 with 24 October 2022 prices published by UxC and TradeTech. Further guidance will be provided over the next two weeks as follow-on sales orders, market listings and partnerships are announced.
The five-year exclusive supply agreement initially provides £7.65 million U3O8 that Madison has contributed to the Lux partnership from Madison’s uranium projects in Namibia to support the first ever uranium-backed NFTs. Lux NFTs minted exclusively on their network provide liquidity and universal access to the uranium market and usher in a new era of both physical asset tokenization and distribution.
Learn more about Madison’s development via the newly branded madisonmetals.ca website and updated corporate presentation.
In connection with the forward sale agreement, Madison has issued three million ordinary shares to an arm’s-length consultant who facilitated the transaction and the successful initial transfer of capital to the company.
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 is positioned to move advanced uranium resources to market quickly.
With over 50 years of mining experience, including 22 years in Namibia, the management team has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the company’s SEDAR profile at www.sedar.com.
About Lux Partners Ltd.
Lux is a FinTech company based in the Isle of Man and works with a regulated and licensed money transmitter business. Lux enables institutions to take advantage of blockchain technology use cases in a tax-advantaged and regulated environment, with proper compliance, KYC and AML procedures. Lux executives have an extensive track record of managing transactions and investments across a wide range of industries. Both institutions and governments can send and receive tokenized assets, with proper compliance, KYC and AML procedures. Lux processes crypto and fiat transactions, given its ability to process Swift and Fed wires natively from the blockchain, while providing the highest levels of security and privacy thanks to the Lux Bridge, which uses zero-knowledge proofs to secure assets and enable private transactions over the Lux network. Lux is uniquely positioned to launch a number of highly profitable and risk-adjusted verticals that are extremely scalable within significant and fast-growing markets. These verticals include secure transaction processing, asset management, DeFi ecosystems and tokenized investments in natural resources and emerging markets.
Further information can be found at Lux.Partners
For further information, please contact:
Duane Parnham
CEO and managing director
Madison Metals Inc.
+1 (416) 489-0092
[email protected]
Media inquiries:
Adam Bello
Manager, media and analyst relations
Primoris Group Inc.
+1 (416) 489-0092
[email protected]
Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the timing and amount of estimated future exploration and expected use of funds by the Company received from the Placement.
In general, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “expects”, “budget”, “plan”, “estimate”, “forecasts”, “intends”, “continue”, “anticipate” or “do not anticipate”, or “believe”, or variations of such words and expressions or statements that certain actions, events or results “may”, “could” , “would”, “will”, “may” or “will be taken”, “occur” or “achieve”. Forward-looking statements are made based on certain assumptions and other material facts that, if untrue, could cause the actual results, performance or performance of the Company to differ materially from the future results, performance or performance expressed or implied by such statements. Such statements and information are based on a number of assumptions regarding current and future business strategies and the environment in which the company will operate in the future.
Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to, currency fluctuations, the global economic climate, dilution, stock price volatility, competition, labor shortages and unforeseen expenses. of the company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that could cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to to: the impact the COVID 19 pandemic may have on the company’s activities and the economy in general; the impact of the recovery following the COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainty; future metal prices; accidents, labor disputes and shortages; environmental risk; and other risks in the mining industry.
Although the company has attempted to identify important factors that may cause actual results to deviate significantly from those contained in forward-looking statements, there may be other factors that cause the results not to be as expected, estimated or intended. No guarantee can be given that such statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Additional information with respect to these and other risks can be found in filings with the Canadian securities regulators available on the Company’s SEDAR profile page at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
