Uranium mining and exploration company Madison Metals has announced a private placement of units at a price of C$0.40 each for aggregate gross proceeds of up to C$500 000 (about N$6.8 billion).
Each unit will comprise one common share in the capital of the company and one-half of one common share purchase warrant, with each warrant entitling the holder to buy one common share of the company for C$0.60 for up to 12 months.
Madison will use the proceeds from the private placement for exploration on the company’s properties in Namibia and for general working capital.
Madison already holds significant land holding in Namibia within trucking distance of the Rössing and Husab mines.
Earlier this year, Madison consolidated its various land holdings in the area under the property names Madison North and Madison West with the goal of building on minable uranium resources by expanding currently known uranium zones and making new discoveries.