MMR PP......terms not bad.......drill Nevada.......
Madison arranges $5.36-million private placement
2006-09-13 13:45 ET - News Release
Mr. Chet Idziszek reports
MADISON ARRANGES NON-BROKERED PRIVATE PLACEMENT
Madison Minerals Inc. has, subject to regulatory approval, arranged a private placement of 6.3 million units at a price of 85 cents per unit to generate gross proceeds of $5,355,000 that will be used to finance its next phase of work on its Lewis property in Nevada and to finance working capital. Each unit will consist of one share and one-half share purchase warrant, every whole warrant entitling the purchase of one additional share of Madison $1.20 per share for a period of two years from the closing date. After four months following the closing date and until the expiry date of the warrants, if the closing price of Madison's shares exceeds $2.40 for 15 consecutive trading days, Madison may, within 30 days of such 15-consecutive-trading-day period, provide notice that the warrants will expire 30 days following the provision of such notice.
Bolder Investment Partners, Ltd. has agreed to act as Madison's agent in respect of 1,765,000 units of this placement and will receive a commission of 7 per cent of the gross proceeds, such fee to be payable half in cash and half in units at Bolder's election and a broker's warrant entitling the purchase of up to 176,500 shares of Madison on the same terms as the warrants included in the units. Longview Strategies Inc. has agreed to purchase or arrange purchasers for 1,765,000 units. To the extent that it arranges purchasers rather than purchasing the units itself, it will receive a fee of 5 per cent of the gross proceeds, such fee to be payable half in cash and half in units at Longview's election |
