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« Back to news list... $5.6 Million Private Placement Closes Madison Enterprises Corp. ('Madison') is pleased to announce that the private placement announced in its news release of February 3, 2000 closed this morning, generating net proceeds of $5,209,286.46. A total of 8,631,157 units were issued at a price of $0.65 per unit, each unit consisting of one common share of Madison and one half warrant, every full warrant entitling the purchase of an additional common share of Madison at a price of $0.70 per share until February 28, 2001 and at a price of $0.90 per share thereafter until February 28, 2002.Canaccord Capital Corporation acted as Madison's agent with respect to the sale of 8,477,310 units and received a commission of 6% of the gross proceeds of its portion of the placement and a broker's warrant entitling the purchase of up to 847,731 common shares of Madison at a price of $0.70 per share until February 28, 2001 and at a price of $0.90 per share thereafter until February 28, 2002. The balance of 153,847 units was sold on a non-brokered basis. The proceeds from this private placement will be used to fund Madison's ongoing exploration of its Mt. Kare property in Papua New Guinea. The mineralization at Mt. Kare remains open to expansion and future drilling will focus on outlining the limits of the known mineralized zones as well as exploration drilling on the six highest priority targets in the Black Zone North/Realgar, Black Zone South, Lower Maratani, Pinuni Creek, Orosa and C9 zone areas.
On behalf of the Board of Directors of
Signed: "Chet Idziszek" |
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