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News Release
August 25, 1999

Madison Enterprises Corp. amendeds the terms of the private placement

Madison Enterprises Corp. ("Madison") reports that it has, subject to regulatory approval, amended the terms of the private placement announced in its news release of July 23, 1999. The private placement will still generate proceeds of $1,750,000 but has now been structured as a unit offering of 3,301,886 units at a price of $0.53 per unit, each unit being comprised of one share and one two year share purchase warrant entitling the purchase of an additional share at $0.53 during the first year and $0.61 during the second year. Madison has also agreed, subject to regulatory approval, to pay a finders fee of 47,169 shares of Madison in respect of a portion of this placement.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

“J.G. Stewart”
J.G. Stewart, Secretary

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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