New York, Nov. 12 - Madison Minerals Inc. said it has arranged a C$5 million private placement of units of stock and warrants.
The Vancouver, B.C., gold and silver exploration company will sell 7.7 million units at C$0.65 per unit.
Each unit consists of one share and an 18-month warrant to buy Madison stock at C$0.90 per share.
Canaccord Capital Corp. is placement agent.
Proceeds will be used to fund work on Madison's Mt. Kare Property in Papua New Guinea and its Lewis Property in Nevada.
| Issuer: | Madison Minerals Inc.
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| Issue: | Units of stock and warrants
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| Amount: | C$5 million
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| Shares: | 7.7 million
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| Price: | C$0.65
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| Warrants: | One per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.90
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| Placement agent: | Canaccord Capital Corp.
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| Stock price: | C$0.75 on Nov. 12
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