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TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Critical One Energy Inc. (formerly Madison Metals Inc.) (“Critical One”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) announces a variation to its Earn-In and Exploration Rights Agreement (“Agreement”) with Star Minerals Limited (“Star Minerals”) (ASX: SMS). This amendment enhances payment flexibility while preserving the strategic interests of both parties.
Under the revised terms, Star Minerals has paid US$75,000 and issued US$200,000 in Star Shares and Performance Shares, as part of the First Payment. In total, Critical One has received:
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5,227,118 Ordinary Shares
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2,466,667 Tranche 1 Performance Shares
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1,850,000 Tranche 2 Performance Shares
Additionally, the remaining US$225,000 of the First Payment’s cash component is now due on or before March 8, 2025. This extension aligns exploration and development activities that are being planned with drilling at the Cobra Uranium project commencing within Q1 2025.
About Critical One Energy Inc.
Critical One Energy Inc. (formerly Madison Metals Inc.) is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony in Canada and uranium in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects while joint venturing non-core assets to generate cash flow, driving growth and delivering value for its shareholders.
Additional information about Critical One Energy Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Critical One Energy Inc.
+1 (416) 489-0092
ir@madisonmetals.ca
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com
Neither the CSE nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the terms and timing of the private placement described in this press release and the anticipated uses of the proceeds raised from such private placement.