Madison Metals Inc (OTCMKTS:MMTLF) Stock In Focus After Termination of Partnership

Lux Partners Limited and Madison Metals Inc (OTCMKTS:MMTLF) on April 28, 2023, announced to mutually terminate their partnership, effective immediately. The decision was made because of the challenging market conditions. One of the factors was developments involving Stripe, Inc, the payment processing platform utilized by Lux.

Trading Data

On Friday, MMTLF stock ended flat at $0.2940 with more than 55 shares, compared to its average volume of 2.66K shares. The stock moved within a range of $0.2940 – 0.2940 after opening trade at $0.2940.

Madison and Lux Announce Mutual Termination of Partnership

Stripe froze Lux funds and terminated the account, disrupting financial operations and key banking. Due to challenges in creating a satisfactory product for both parties, Lux and Madison have decided to refund purchases done and companies to move ahead independently.

Duane Parnham, Executive Chairman and CEO of Madison Metals said that the current challenges and market conditions have made it hard to hard to mutually terminate the partnership. Parnham said that the company is committed to goals and is actively pursuing alternative strategies for achieving them.

Zach Kelling, President of Lux said that the company has enjoyed a successful partnership with Madison and is proud of the work achieved together. Kelling added that the firm believes that it is in the best interest to terminate the partnership and wishes Madison best of luck for future endeavours.

Madison Metals Incis an upstream mining company focusing on sustainable uranium production in Canada and Namibia. The company is positioned on moving advanced uranium assets to market rapidly.