- Madison Metals (GREN) has entered into an agreement to acquire a twenty-four per cent ownership interest in Namibia Nuclear
- Through a share purchase agreement, the company secured a 23 per cent interest in Mining Licence 121 through the acquisition of 24 shares of Namibia Nuclear Corp. Ltd.
- Namibia is the world’s second-highest uranium-producing country and holds the fifth-largest total uranium resources in the world
- Madison Metals Inc. (GREN) opened trading at C$0.98 per share
Madison Metals (GREN) has entered into an agreement to acquire a twenty-four per cent ownership interest in Namibia Nuclear.
Through a share purchase agreement, the company secured a 23 per cent interest in Mining Licence 121 through the acquisition of 24 shares of Namibia Nuclear Corp. Ltd.
ML121 is located in the renowned Erongo Uranium Province of Namibia, Africa, where Madison already holds rights to Exclusive Prospecting License 7011.
Madison Metals’ Chairman and CEO, Duane Parnham, explained that ML121 and EPL-7011 are neighbours to Namibia’s two uranium-producing mines, Rössing and Husab, the world’s fifth- and third-largest producing uranium mines, respectively.
“The uranium outlook is continuing to strengthen because it is a critical metal for energy transition and energy security. Madison’s strategy of acquiring highly prospective concessions in a tier-one uranium jurisdiction provides the company with an opportunity to establish itself as a key player in the uranium industry.”
The company expects to complete the transaction later this year.
The consideration paid to the vendors will be US$2 million and 2 million common shares in the capital of the company to be paid and issued on the closing date, subject to certain conditions precedent contained in the SPA.
Namibia is the world’s second-highest uranium-producing country and holds the fifth-largest total uranium resources in the world.
Madison Metals Inc. (GREN) is a green energy resource company with experienced management having expertise in the uranium mining industry.
Madison’s corporate objective is to build value by advancing Rössing-type uranium deposits identified in Kenora, Ontario, Canada and Namibia, Africa, by utilizing cutting-edge technology and modern strategies.
Madison Metals Inc. (GREN) opened trading at C$0.98 per share.
