09:53 AM EDT, 06/06/2024 (MT Newswires) -- Madison Metals ( MMTLF ) said on Thursday that it terminated its uranium forward sales agreement with Sanmiguel Capital Investment (Bahamas).

Sanmiguel is an arm's length financial advisory firm assisting with the administration of uranium tokenization. To date, the company reported the purchase of 2,130 pounds of U3O8 at US$68 per pound from initial uranium token sales.

Madison said it will honor delivery if the investor meets all the contractual redemption and delivery protocols.

"A good, honest effort was made to support this innovation with Sanmiguel," Duane Parnham, executive chairman and CEO of Madison Metals ( MMTLF ), said. "However, our goal has always been focused on operational excellence, expanding our current uranium resource base in Namibia, making new discoveries and providing shareholders with an incredible opportunity for share price appreciation."

In connection with the uranium forward sales agreement, Madison will also file to cancel 1.5 million performance shares issued to JJK Holdings Ltd., an arm's length company.

The company's stock was down over 4% on last look on Thursday in Canada.

Price: 0.34, Change: -0.02, Percent Change: -4.29