Madison Metals Announces $2.0 Million Non-Brokered Private Placement

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Not for distribution to U.S. news wire services or publication in the United States

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TORONTO, Dec. 10, 2024 (GLOBE NEWSWIRE) — Madison Minerals Company (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that it intends to complete a private placement financing consisting of the sale of up to 6,000,000 units (“Units“) in the capital of the Company at a price of C$0.30 per unit for aggregate gross proceeds of up to C$2,000,000 (“an offer“).

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Each unit consists of one (1) common share (A).Shared share“) and one-half (1/2) of a common stock purchase warrant (each whole common stock purchase warrant,”note“). Each whole warrant entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.45 for a period of eighteen (18) months from the date of closing of the offering.

Concurrent with the closing of the offering, the Company also intends to settle debts owed to various creditors in the aggregate amount of $300,000 by issuing common stock at a deemed price of $0.30 per common share. Two of the creditors, Duane Parnham and Roger Lane, are company insiders, and the issuance of securities to insiders will be considered a “related party transaction” subject to the requirements of TSXV Policy 5.9 and MLS 61-101. – Protection of minority security holders in private transactions ((MI 61-101The Company intends to rely on the exemptions from formal valuation and minority shareholder approval requirements set forth in Sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the value of securities issued to insiders will not exceed 25% of the market capitalization of the Company. .

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The Company intends to use the proceeds from the offering primarily to commence drilling activities at the Company’s Howells Lake antimony gold project and to cover general and administrative expenses.

No fees are paid to researchers in connection with the offer.

About Madison Metals

Madison Metals is a future-oriented metals and energy company working to advance the future of clean energy and advanced technologies. Backed by seasoned management experience and premier resource assets, Madison Metals is strategically positioned to meet the growing global demand for critical minerals. Leveraging its technical, managerial and financial expertise, the company promotes and creates high-value projects while investing non-core assets in joint ventures to generate cash flow, drive growth and deliver value to its shareholders.

Additional information about Madison Metals Inc. can be found here madisonmetals.ca And on the company profile SEDAR+ on sedarplus.ca.

For more information, please contact:
Duane Barnham
CEO and Chief Executive Officer
Madison Minerals Company
+1 (416) 489-0092
ir@madisonmetals.ca

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Media inquiries:
Adam Bello
Media relations manager and analyst
Primoris Group Company
+1 (416) 489-0092
media@primorisgroup.com

Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may,” “will,” “expect,” “likely,” “should,” “will,” “plan,” “expect,” “ “intend”, “potential”, “suggested”, “estimated”, “believe” or the negation of such terms, or other words, phrases and grammatical variations thereof, or statements that certain events or circumstances “may” or “will” occur, Or through discussions Strategy. Forward-looking information in this press release includes, but is not limited to, statements regarding the terms and timing of the private placement described in this press release and the expected uses of the proceeds resulting from this private placement.

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When the Company expresses or implies an expectation or belief regarding future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. These assumptions include, but are not limited to, the following: the Company will receive all necessary approvals necessary to complete the issuance of securities pursuant to the private placement described in this press release; that the Company will be able to commence the exploration activities for which it intends to use the proceeds of the Offering; and that there will be sufficient interest from potential investors to complete the private placement on the terms described herein or at all.

However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. These risks include, but are not limited to, the risk that the Company will not be able to proceed with the issuance of Units on the terms described in this press release or at all; and that the Company will not have the necessary resources, financial or otherwise, to conduct the planned exploration activities referred to in this press release.

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Accordingly, undue reliance should not be placed on forward-looking statements, and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as of the date hereof and are based on the beliefs, estimates, expectations and opinions of management as of such date. The Company undertakes no obligation to publicly update or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent forward-looking statements. Events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to place undue reliance on forward-looking information.

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