Myriad Uranium Corp. and Rush Rare Metals Corp. Announce Receipt of Final Court Approval for Plan of Arrangement
Rhea-AI Summary
Myriad Uranium (OTCQB: MYRUF) and Rush Rare Metals announced that Rush obtained a final order from the Supreme Court of British Columbia approving their statutory plan of arrangement. Under this deal, Myriad will acquire all outstanding Rush shares in exchange for Myriad shares and a spinout interest.
Rush shareholders are to receive one Myriad share for every 1.85 Rush shares, plus one share of Rush Spinco for every four Rush shares, relating to the Boxi Property spin-out. Completion, targeted on or about August 21, 2026, remains subject to customary closing conditions, including final Canadian Securities Exchange approval. After closing, Rush will become a wholly owned subsidiary of Myriad, its shares will be delisted from the CSE, and it intends to cease being a reporting issuer.
Positive
- Final court approval obtained for Rush–Myriad plan of arrangement
- Defined share consideration of 1 Myriad share for every 1.85 Rush shares
- Additional consideration via 1 Rush Spinco share per 4 Rush shares for Boxi Property spin-out
- Post-closing, Myriad to own 100% of Rush, consolidating Copper Mountain Project interest
- Historical Copper Mountain investment estimated at C$125 million (2026 dollars)
- Myriad holds 100%-owned Breccia Pipe Project with at least 23 prospective breccia pipes
Negative
- Arrangement closing still subject to final Canadian Securities Exchange approval and other customary conditions
- Rush common shares to be delisted from the Canadian Securities Exchange following completion
- Rush intends to cease to be a reporting issuer after closing
- Copper Mountain, Red Basin, and Breccia Pipe mineral estimates remain historical, not current resources or reserves
News Explained
If the arrangement closes as anticipated, Rush will complete its responsibilities on the Closing Date except for the Boxi Property transaction, with any remaining Rush Spinco share exchanges occurring after closing.
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Vancouver, British Columbia--(Newsfile Corp. - August 19, 2026) - Myriad Uranium Corp. ("Myriad") and Rush Rare Metals Corp. ("Rush", and together with Myriad, the "Parties") are pleased to announce that Rush has obtained a final order (the "Final Order") from the Supreme Court of British Columbia approving the previously announced statutory plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia), pursuant to which Myriad will acquire all of the issued and outstanding common shares of Rush (the "Rush Shares").
Receipt of the Final Order follows the special meeting of shareholders of Rush held on August 17, 2026 (the "Meeting"), at which the Arrangement was approved by the requisite majority of Rush shareholders.
Pursuant to the Arrangement, Myriad will acquire all of the Rush Shares in exchange for common shares of Myriad (the "Myriad Shares") on the basis of one (1) Myriad Share for every 1.85 Rush Shares held, subject to adjustment in accordance with the terms of the arrangement agreement dated February 13, 2026 (the "Arrangement Agreement"). In addition, holders of Rush Shares will receive shares of 1577075 B.C. Ltd. ("Rush Spinco") on the basis of one (1) Rush Spinco share for every four (4) Rush Shares held, in connection with the previously announced spin-out of Rush's Boxi Property.
Subject to the satisfaction or waiver of the remaining customary closing conditions set out in the Arrangement Agreement, including receipt of final approval from the Canadian Securities Exchange (the "CSE"), the Parties currently anticipate that the Arrangement will be completed on or about August 21, 2026 (the "Closing Date").
Upon completion of the Arrangement, Rush will become a wholly owned subsidiary of Myriad. The common shares of Rush will be delisted from the CSE, and Rush intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.
On the Closing Date, Rush will have completed all of its responsibilities under the Arrangement except in regard of the spinout of Rush Spinco that will hold the Boxi Property in Quebec. Any remaining share exchanges or return to treasury of shares are expected to be completed by Rush Spinco at some time following the Closing Date, as determined by management of Rush Spinco.
Full details of the Arrangement are set out in the management information circular of Rush dated June 23, 2026, which is available under Rush's profile on SEDAR+ at www.sedarplus.ca.
About Myriad Uranium Corp.
Myriad Uranium Corp. holds a
A news release detailing a comprehensive assessment of Copper Mountain's uranium endowment by Bendix Engineering for the US Department of Energy published in 1982 can be viewed here.
Myriad holds a
Myriad's
Note: A qualified person has not done sufficient work to classify the Copper Mountain, Red Basin, and Breccia Pipe Project historical estimates as current mineral resources or reserves and Myriad is not treating historical estimates as current resources or reserves. Myriad intends to conduct further work to determine whether the historical estimates can be verified and, if appropriate, supported by current mineral resource estimates.
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
About Rush Rare Metals Corp.
Rush Rare Metals Corp. is a mineral exploration company focused on its Boxi Property located in the Province of Québec, Canada. Rush also owns the Copper Mountain Project located in Wyoming, USA, which it has optioned to Myriad Uranium Corp. Rush currently has a
Rush Contact:
Peter Smith
Chief Executive Officer
psmith@rushraremetals.com
Forward-Looking Statements
This news release contains "forward-looking information" that is based on current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, each 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.
All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to: the terms of the Arrangement, the completion of the Arrangement, including receipt of required shareholder, regulatory, court and CSE approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement; the prospects of the combined company following completion of the Arrangement; that the anticipated benefits of the Arrangement will be realized; the anticipated timing of completion of the Arrangement; and the delisting of the Rush Shares following the Arrangement. Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or CSE approvals in connection with the Arrangement, failure to complete the Arrangement, failure to realize the anticipated benefits of the Arrangement or implement the business plan for the combined company, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known current mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to Myriad and with respect to Rush set out in the companies' most recent annual management discussion and analysis and other filings which have been filed with the Canadian securities regulators and available under Myriad's and Rush's respective profiles on SEDAR+ at www.sedarplus.ca.
Although Myriad and Rush have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. Neither Myriad nor Rush undertakes any obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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/310538