Madison Metals announces share issuance in connection to acquiring Uranium Projects in Namibia
Madison Metals Inc. is pleased to announce that it has received approval from the Ministry of Mines and Energy, Republic of Namibia for the partial (1/3) transfer of three separate concessions held by Giraffe Energy Investments Close Corporation and Otjiwa Mining and Prospecting Close Corporation named the Rössing North Uranium Project (the “First Transfer”) to Pennywort Investments (Pty) Limited, a wholly owned subsidiary of the Company. In connection with the completion of the First Transfer, the Company issued 533,333 common shares at a price of CAD$0.52 and made a cash payment in the amount of CAD$50,000.00 to Giraffe Energy.
The Company has also issued 75,000 common shares for services rendered to Sanmiguel Capital Investment (Bahamas) Ltd., a consultant to the Company.
