On December 11, 2023, Madison Metals Inc. closed the transaction. The company issued 1,150,000 units at an issue price of CAD 0.40 per unit for the gross proceeds of CAD 460,000.  Each Unit consists of one common share and one-half of one common share purchase warrant with each Warrant entitling the holder thereof to purchase one Common Share at a price of CAD 0.60 for up to 12 months. The Company has also issued an aggregate of 100,000 Units to Duane Parnham, the Chairman and Chief Executive Officer and a director of the Company, and Ryan Thompson, the Chief Strategy Officer of the Company.

All securities issued pursuant to the Private Placement will be subject to a four-month and one-day hold period. Duane Parnham acquired 365,000 units with each Unit being comprised of one Share and one half of one common share purchase warrant for a deemed price of CAD 0.40 per Unit. Each Unit is exercisable for one Share at an exercise price of CAD 0.60 for a period of 12 months from the date of issuance.

As of the date hereof, Parnham owns, directly or indirectly, an aggregate of 2,596,500 Common Shares, 620,000 options and 366,833 common share purchase warrants, representing 9.32% of the issued and outstanding Shares on a non diluted basis and 12.42% on a partially diluted basis. This represents a decrease of 1.28% in Parnham?s holdings on a non-diluted basis and an increase of 2.82% on a partially diluted basis.