American Pacific Mining Corp. (CNSX:USGD) signed a letter of intent to acquire an unknown stake in Madison Copper Gold Project in Montana from Madison Metals Inc. on January 27, 2020. American Pacific Mining Corp.

entered in a definitive agreement to acquire an unknown stake in Madison Copper Gold Project from Madison Metals Inc. for $2.5 million on April 13, 2020. As part of the transaction, American Pacific Mining will issue 20 million American Pacific Mining shares priced at $0.12 to Madison Metals post-consolidation (subject to a 6 month hold period in escrow ending January 22, 2021), will issue 5 million of APM warrants priced at $0.25 to Madison Metals post-consolidation (18 month expiry). Once completed the American Pacific Mining securities will be distributed pro-rata to the Madison shareholders.

Upon the completion of the transaction, Madison will appoint one member to American Pacific Mining's Advisory board. It is expected that any such definitive agreement would be subject to a number of conditions, including the receipt of all required regulatory, corporate and stock exchange approvals, the completion of the arrangement with Mind Medicine, Inc. and shareholder approvals of Madison Metals. On June 23, 2020, the shareholders of Madison have approved the transaction.

The transaction is expected to close on or about June 25, 2020.