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News Release
March 21, 2002

$870,000 Private Placement Closes

Further to its news releases of February 28 and March 5, 2002, Madison Enterprises Corp. (“Madison”) is pleased to report that its non-brokered private placement of 8,700,000 units closed today. Each unit consists of one common share of Madison and one half warrant, every full warrant entitling the purchase of an additional common share of Madison at a price of $0.12 per share as to 8,000,000 units and at a price of $0.14 as to 700,000 units, in both cases until September 21, 2003.

In connection with this placement, Madison paid a finder’s fee to Canaccord Capital Corporation of $34,800 and 348,000 units. In consideration of the assistance of Canaccord and Bolder Investment Partners Limited in arranging this placement, Madison also issued brokers warrants entitling Canaccord and Bolder to purchase of up to 670,000 and 100,000 common shares, respectively, of Madison.

The common shares which comprise a part of the units and any common shares acquired on the exercise of the warrants which comprise a part of the units or on the exercise of the brokers’ warrants are subject to a hold period which expires on July 21, 2002.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

"Chet Idziszek"
Chet Idziszek, President

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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