Critical One Enhances Payment Flexibility with Star Minerals
Critical One Energy Inc. and Star Minerals Update Payment Terms
Critical One Energy Inc., formerly best known as Madison Metals Inc., has reached a significant agreement with Star Minerals Limited. This adjustment centers around their existing Earn-In and Exploration Rights Agreement, aimed at promoting better payment flexibility while safeguarding the interests of both organizations.
Details of the Revised Agreement
As part of the newly outlined terms, Star Minerals has initiated a payment of US$75,000. Additionally, they have issued an impressive US$200,000 in Star Shares and Performance Shares as part of their First Payment. This financial transition represents a collaborative effort to enhance resource management.
Breakdown of Received Assets
Critical One has received numerous assets through this arrangement, including:
- 5,227,118 Ordinary Shares
- 2,466,667 Tranche 1 Performance Shares
- 1,850,000 Tranche 2 Performance Shares
These contributions reflect the commitment each party is making toward developing their business strategies.
Future Payment Expectations
The remaining balance of US$225,000, which constitutes the cash component of the First Payment, is expected to be settled on or before March 8, 2025. This extended deadline corresponds with the strategic plans for exploration and development at the Cobra Uranium project, where drilling is anticipated to begin in Q1 2025.
Understanding Critical One Energy Inc.
Critical One Energy Inc. is making strides as a key player in critical minerals and upstream energy sectors, supporting the rising demands for sustainable energy solutions and advanced technologies. With a robust management team and valuable resource assets, Critical One is well-positioned to capitalize on the growing global requirement for critical minerals.
Current Exploration Portfolio
The company’s mineral exploration initiatives are notably focused on antimony in Canada and uranium in Namibia. By leveraging its comprehensive expertise—technically, managerially, and financially—Critical One aims to upgrade and cultivate high-value projects. Concurrently, one of their strategies includes joint venturing non-core assets to cultivate cash flow, driving overall growth and enhancing shareholder value.
Contacting Critical One Energy Inc.
For further insights and queries, interested parties may reach out to:
Duane Parnham
Executive Chairman & CEO, Critical One Energy Inc.
Contact Number: +1 (416) 489-0092
Email: ir@madisonmetals.ca
Frequently Asked Questions
What is the purpose of the revised agreement between Critical One and Star Minerals?
The revised agreement allows for enhanced payment flexibility that benefits both parties and aligns with their strategic interests in exploration.
How much has Star Minerals paid to Critical One under this agreement?
Star Minerals has paid US$75,000 and issued US$200,000 in shares as part of the First Payment.
What exploration activities does Critical One have planned for 2025?
Critical One plans to commence drilling at the Cobra Uranium project in the first quarter of 2025.
What are Critical One's key focus areas in mineral exploration?
The company primarily focuses on antimony in Canada and uranium in Namibia to meet soaring global demand for critical minerals.
Who should be contacted for more information about Critical One Energy Inc.?
Duane Parnham, Executive Chairman & CEO, can be contacted via +1 (416) 489-0092 or at ir@madisonmetals.ca.
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