Madison and Lux Announce Mutual Termination of Partnership
Madison and Lux Announce Mutual Termination of Partnership
TORONTO, ONTARIO – April 28, 2023 – Madison Metals Inc. (the “Company” or “Madison”)
(CSE: GREN) (OTCQB: MMTLF) and Lux Partners Limited ("Lux") announced today that they have
agreed to mutually terminate their partnership , effective immediately. This decision was made
due to the challenging market conditions and climate, which have made it difficult to continue
the partnership.
One of the contributing factors to this decision were developments involving Stripe, Inc. , the
payment processing platform used by Lux. Stripe froze Lux funds and then terminated the
account used last year, disrupting key banking and financial operations. Given the challenges in
creating a satisfactory product that both parties can trust, Madison and Lux have decided it is in
the best interest of all stakeholders for Lux to refund purchases made and for the companies to
move forward independent of each other.
"Given the current market conditions and challenges, we have made the difficult decis ion to
mutually terminate the partnership. We remain committed to our goals and are actively pursuing
alternative strategies to achieve them ," said Duane Parnham, Executive Chairman and CEO of
Madison Metals.
"We have enjoyed a successful partnership with Madison and are proud of the work we have
accomplished together," said Zach Kelling, President of Lux. "We believe that it is in the best
interest of all parties to mutually terminate the partnership. Lux wishes Madison the best of luck
in their future endeavors."
Both Madison and Lux remain committed to their respective goals and are actively pursuing
alternative strategies to achieve them. While the partnership may have ended, both companies
remain committed to the principles of collaboration and mutual respect that defined their
relationship.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration
company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge
technologies and modern strategies, Madison Metals Inc. is positioned to move advanced
uranium assets to market quickly.
With over 50 years of mining experience, including 22 years in Namibia, its management team
has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the
Company’s SEDAR profile at www.sedar.com.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
Zach Kelling
President
Lux Partners Limited
+1 (987) 654-3210
Media inquiries for Madison Metals:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securities Exchange nor the Investment Industry Regulat ory Organization
of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements regarding the timing and amount of
estimated future exploration and the anticipated use of funds by the Company that were received from the
Placement. Generally, forward-looking statements can be identified by the use of forward-looking terminology such
as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”,
“continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur”
or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts
that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different
from future results, performances or achievements expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future. Certain important factors that could cause actual
results, performances or achievements to differ materially from those in the forward -looking statements include,
amongst others, currency fluctuations, the demand for digital assets such as t okens and NFTs, the fulfillment of the
conditions of the contract with LUX, interest rates, the global economic climate, dilution, share price volatility,
competition, labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject
to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the
Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact
on precious metals; receipt of necessary appr ovals; general business, economic, competitive, political and social
uncertainties; future metal prices; the market for digital assets such as NFTs, accidents, labour disputes and
shortages; environmental risks; and other risks of the mining industry. Alth ough the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. You can find further information with respect to these and other risks in filings made
with the Canadian securities regulatory authorities that are available on the Company’s SEDAR profile page at
www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except
as required by applicable law.