Madison Metals has entered an agreement on September 12, 2022 to acquire a 23% interest in Mining Licence 121 through the acquisition of 24 shares of Namibia Nuclear Corporation which equals a 24% ownership interest in Namibia Nuclear, by way of a share purchase agreement.
The consideration paid to the vendors will be $2,000,000 and 2,000,000 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. ML121 is in the renowned Erongo Uranium Province of Namibia where Madison already holds rights to Exclusive Prospecting License 7011.
Namibia is the world’s second-highest uranium-producing country and holds the fifth-largest total uranium resources in the world.
“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,” said Duane Parnham, Executive Chairman and CEO of Madison Metals.“The […]
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