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« Back to news list... Private Placement to Fund Nevada Exploration Madison Enterprises Corp. (“Madison”) is pleased to report that it has, subject to regulatory approval, arranged a brokered private placement of 4,000,000 units at a price of $0.15 per unit to generate gross proceeds of $600,000. Each unit will consist 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 $0.18 per share during the first year and at a price of $0.20 during the second year. Canaccord Capital Corporation (“Canaccord”) has agreed to act as Madison’s agent in respect of this placement and will receive a commission of 8% of the gross proceeds, such fee to be payable half in cash and half in units at Canaccord’s election, and a broker’s warrant entitling the purchase of up to 600,000 shares of Madison at a price of $0.18 per share during the first year and at a price of $0.20 during the second year. The proceeds of this private placement will be used primarily to fund property payments and exploration of Madison’s Lewis Property in central Nevada. The first phase of exploration is expected to be comprised of surveying, data compilation, ground geophysics and drilling. The Lewis Property is strategically located immediately adjacent to the north and northwest of Newmont Gold's Phoenix Property where reported past production and current mineable reserves exceed nine million ounces of gold. Previous exploration of the Lewis Property has outlined an identical geologic environment to that underlying the Phoenix Property, including a direct on-strike extension of the hosting stratigraphy, controlling structures and mineralization style of the Phoenix Property's Fortitude open pit immediately to the south of the Lewis Property boundary with Newmont Gold.
On behalf of the Board of Directors of
"Chet Idziszek" |
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