Madison Metals CEO Duane Parnham Increases Stake in Company to 10.6%, Expresses Optimism About Madison's Future
Madison Metals CEO Duane Parnham Increases Stake in Company to 10.6%,
Expresses Optimism About Madison's Future
TORONTO, ON – October 24, 2023 – Madison Metals Inc. (“Madison” or the “Company”)
(CSE: GREN) (OTCQB: MMTLF) is pleased to announce that Executive Chairman and CEO Duane
Parnham has acquired 233,000 of the Company's common shares on the open market (the
"Acquisition"). Prior to the Acquisition, Mr. Parnham held 1,890,000 common shares in
Madison. As a result of the Acquisition, Mr. Parnham now holds a total of 2,123,000 common
shares, representing approximately 10.6% of the Company’s common shares on an undiluted
basis, and 2,907,333 common shares (including 600,000 stock options and 184,333 common
share purchase warrants), representing approximately 9.8% of the common shares on a fully
diluted basis.
A Statement from CEO Duane Parnham
Mr. Parnham had the following to say about his increased investment in the Company:
“The current course of Madison Metals’ development reminds me of 2007. That year, uranium
prices soared to US$140 per pound, and my small uranium company at the time catapulted to
a C$860 million market cap from its start-up status. Given the calibre of our uranium assets,
the management team’s track record in asset development, and the tailwinds in the overall
uranium market, I have confidence in the direction and value of Madison, especially as it
continues to focus on sustainable uranium exploration and production on its flagship assets in
Namibia.”
Except as required by law, the Company generally does not commit to announce further
acquisitions or dispositions of its common shares by its officers or directors. The recent share
purchases are mainly for investment purposes and Mr. Parnham may increase or decrease his
holdings as market conditions dictate.
This press release is issued pursuant to National Instrument 62-104 Take-Over Bids and Issuer
Bids and National Instrument 62 -103 The Early Warning System and Related Take -Over Bid
and Insider Reporting Issues.
For further details relating to the Acquisition, please see the Early Warning Report filed by Mr.
Parnham, a copy of which is available on Madison’s SEDAR+ profile, or contact Mr. Parnham
at +1 (416) 489-0092.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration
company focused on sustainable urani um production in Namibia and Canada. 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.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory
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 future prospects
and operations of Madison and potential future transactions in the common shares of Madison.
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, performan ces or achievements expressed or implied by such
statements. Such statements and information are based on numerous assumptions regarding present and future
business strategies, access to resources (financial and otherwise) 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: the global economic climate and changes in
the mining industry generally and/or the uranium market specifically ; competition; labour shortages ; limited
access to other resources (financial and otherwise) required for the Company to continue operations as currently
anticipated or at all; 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: failure of the Company or its contractual
partners to fulfil their respective obligations under agreements; unanticipated delays in drilling or other activities
on the Company’s properties; challenges in the Company’s ability to raise funds in the future that may be required
in order to conduct operations as planned; 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 approvals; general business, economic, competitive, political and social
uncertainties; accidents, labour disputes and sho rtages; environmental risks; and other risks of the mining
industry.
Although 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 Compa ny’s SEDAR + profile page at www.sedar plus.ca. The
Company disclaims any obligation to update or revise these forward -looking statements, except as required by
applicable law.