TORONTO, ON – October 27, 2022 – Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) and Lux Partners Ltd. (“Lux”) are pleased to announce the first capital inflow from the initial first tranche mint launch of the Lux Uranium token, with proceeds totalling net to Madison USD $5.12 million.
The initial sales have exceeded all Lux projections as the non-fungible tokens (NFTs) continue to offer an exceptional value proposition, price discovery and transparency for exposure to uranium at a marginal discount to the current U3O8 spot price as quoted at USD$52.60 using October 24, 2022 prices published by UxC and TradeTech. Additional guidance will be provided over the next two weeks as follow-on sales orders, market listings and partnerships are made public.
The five-year exclusive supply agreement initially provides 7.65 million pounds of U3O8 that Madison has contributed to the Lux partnership from Madison’s uranium projects in Namibia to back the first-ever uranium-backed NFTs. Lux NFTs minted exclusively on their network bring liquidity and universal access to the uranium market and usher in a new era for both the tokenization of physical assets and distribution.
Learn more about Madison’s evolution via the newly branded madisonmetals.ca website and updated corporate presentation.
In connection with the forward sales agreement, Madison has issued three million common shares to an arms-length consultancy advisor that facilitated the transaction and the successful first transfer of capital to the Company.
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 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
About Lux Partners Ltd.
Lux is a FinTech company domiciled in the Isle of Man and partnered with a regulated and licensed money transmitter business. Lux enables institutions to take advantage of blockchain technology use-cases in a tax advantaged and regulated environment, with proper compliance, KYC, and AML procedures. Lux executives have an extensive track record of managing transactions and investments across a wide range of industries. Institutions and governments alike can send and receive tokenized assets, with proper compliance, KYC, and AML procedures. Lux processes transactions in crypto and fiat, given its ability to process Swift and Fed wires natively from the blockchain, while still providing the highest levels of security and privacy thanks to the Lux Bridge, which uses zero knowledge proofs to secure assets and enable private transactions over the Lux Network. Lux is uniquely positioned to launch a multitude of highly profitable and risk-weighted verticals that are exceedingly scalable within sizable and fast-growing markets. These verticals include secure transaction processing, asset management, DeFi ecosystems, and tokenized investments in natural resources and emerging markets.