Myriad Uranium Closes Private Placement

Rhea-AI Summary

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has closed the final tranche of its non-brokered private placement financing, raising gross proceeds of $1,845,890 through the issuance of 7,383,560 units at $0.25 per unit. Each unit consists of one common share and half a warrant, with each full warrant allowing the purchase of one share at $0.30 until October 7, 2026. Across three tranches since June 2024, the company has raised a total of $5,928,390, exceeding its $5 million target.

The company paid $75,056 in finder's fees and issued 300,224 finder's warrants. Proceeds will fund Myriad's 2024 exploration program at Copper Mountain and general working capital. A director participated in this tranche, considered a related party transaction but exempt from certain requirements due to its size.

Positive

• Exceeded fundraising target, raising $5,928,390 across three tranches
• Strong cash position to fund 2024 exploration program at Copper Mountain
• Drilling at Copper Mountain, a past producer with large historic resource, advancing on schedule

Negative

• Dilution of existing shareholders due to new share issuance
• Related party transaction with director participation in the financing

Vancouver, British Columbia--(Newsfile Corp. - October 9, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement financing (the "Financing") (see Myriad's news release dated August 13, 2024). In this tranche of the Financing, Myriad raised gross proceeds of $1,845,890 through the issuance of 7,383,560 units (each, a "Unit") at a price of $0.25 per Unit. Each Unit is composed of one common share of the Company (each, a "Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"), with each Warrant entitling the holder to purchase one Share at an exercise price of $0.30 per Share until October 7, 2026. Across three tranches of the financing, which commenced in June 2024, the Company has raised a total of $5,928,390, exceeding the original target of $5 million.

Myriad CEO Thomas Lamb commented: "We are right where we planned to be at this point. This final closing of the private placement puts us in a very good cash position which will enable us to deliver on our exploration plan. Our board of directors and technical team are strong. We continue to welcome prominent and value-add individual and institutional investors to the cap table. And the drilling at Copper Mountain, a past producer with a large historic resource and big upside potential, is advancing on schedule and we very much look forward to communicating results as soon as we can."

In connection with closing this tranche of the Financing, the Company paid aggregate finder's fees of $75,056 and issued an aggregate of 300,224 finder's warrants (each, a "Finder's Warrant"), each Finder's Warrant exercisable for one Share at a price of $0.25 until October 7, 2026. Securities issued under this tranche of the Financing are subject to a four month hold period expiring February 8, 2025, in accordance with applicable Canadian securities laws. The Company intends to use the proceeds of this tranche of the Financing for the Company's 2024 exploration program at Copper Mountain and for general working capital.

A director of the Company participated in this tranche of the Financing, and such participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). This is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company's directors unanimously approved such director's participation. The effect of such director's participation is to provide the Company with additional working capital. There were no prior valuations made in the past 24 months in respect of the Company that relates to the subject matter of or is otherwise relevant to such director's participation. The Company did not file a material change report respecting such director's participation at least 21 days before closing this tranche of the financing, which is reasonable given the MI 61-101 exemption noted above.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Myriad Uranium Corp.

Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here. A recent detailed update with Crux Investor can be viewed here. The Company's presentation can be viewed here . News releases regarding historical drilling can be viewed here and here.

Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.

Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com

Forward-Looking Statements

Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226224

FAQ

How much did Myriad Uranium (MYRUF) raise in its latest financing tranche?

Myriad Uranium (MYRUF) raised gross proceeds of $1,845,890 in the final tranche of its private placement financing.

What is the total amount Myriad Uranium (MYRUF) raised across all financing tranches?

Myriad Uranium (MYRUF) raised a total of $5,928,390 across three tranches of financing since June 2024.

What are the terms of the warrants issued in Myriad Uranium's (MYRUF) financing?

Each full warrant entitles the holder to purchase one share at an exercise price of $0.30 per share until October 7, 2026.

How will Myriad Uranium (MYRUF) use the proceeds from this financing?

Myriad Uranium (MYRUF) intends to use the proceeds for its 2024 exploration program at Copper Mountain and for general working capital.