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Madison Metals terminates Sanmiguel Agreement

Published by , Editorial Assistant
Global Mining Review,

Madison Metals Inc. has announced the termination of its uranium forward sales agreement with Sanmiguel Capital Investment (Bahamas) Ltd., an arm’s length financial advisory firm assisting with the administration of uranium tokenisation.

Madison Metals terminates Sanmiguel Agreement

To date, only 2130 lb of U3O8 priced at US$68/lb has been purchased from initial uranium token sales. Madison will honour delivery if the investor(s) meets all the contractual redemption and delivery protocols.

The decision to terminate the forward sales agreement with Sanmiguel also removes any confusion with respect to obligations, therefore freeing up 100% of Madison’s future uranium production for full financial benefit back to the Company’s shareholders.

“A good, honest effort was made to support this innovation with Sanmiguel,” said Duane Parnham, Executive Chairman and CEO of Madison Metals. “However, our goal has always been focused on operational excellence, expanding our current uranium resource base in Namibia, making new discoveries and providing shareholders with an incredible opportunity for share price appreciation. The Khan high-grade uranium discovery at Madison West shows all the attributes similar to the Rossing Mine, located only 6 km along strike. We believe that proving up Khan’s full potential will position Madison as a powerhouse within the industry.”

In connection with the uranium forward sales agreement, Madison will also file to cancel 1 500 000 performance shares issued to JJK Holdings LTD, an arm’s length company.

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