Myriad Uranium Corp. Announces Extension of Warrants

Rhea-AI Summary

Myriad Uranium Corp. (OTCQB: MYRUF) has announced the extension of 884,668 warrants that were originally issued on June 1, 2023. The warrants' expiration date will be extended by 12 months from June 1, 2025 to June 1, 2026. The warrants remain exercisable at $0.35 per share.

Of the total warrants, 50,000 are held by a company director, making this extension a related party transaction. However, this transaction is exempt from formal valuation and minority shareholder approval requirements under MI 61-101 as it falls below the 25% market capitalization threshold.

Vancouver, British Columbia--(Newsfile Corp. - May 22, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it is extending the expiration date of an aggregate of 884,668 warrants (each, a "Warrant") originally issued by the Company on June 1, 2023 pursuant to a non-brokered private placement. The Warrants are exercisable into common shares of Company at an exercise price of $0.35 per share and currently have an expiry date of June 1, 2025. The Company is extending the expiry date of the Warrants by 12 months to June 1, 2026. All other terms and conditions of the Warrants, including the exercise price, remain the same. No action is required by the Warrant holders to give effect to the extension.

A director of the Company holds 50,000 Warrants, and the extension of his Warrants 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 the extension of his Warrants 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 the extension of such director's Warrants. The effect of the extension of such director's Warrants is to provide the director with an additional year to exercise his Warrants. 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 the extension of such director's Warrants. The Company did not file a material change report respecting such extension at least 21 days before such extension, which is reasonable given the MI 61-101 exemptions noted above.

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 e U₃O₈. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. 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. The Company also recently acquired, subject to completing a geophysical survey this year, a 100% interest in the Red Basin Uranium Project in New Mexico, which has a near-surface historical resource (non-NI 43-101) of 0.5 Mlbs indicated and 1.5 to 6.5 Mlbs inferred at grades from 1,700 to 3,100 ppm, with significant upside potential. The announcement can be viewed here. Our Crux Investor overview page including recent interviews 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 Gold 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

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; access to minerals where the surface rights above them have not been settled; 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/253142

FAQ

What is the new expiration date for MYRUF's warrants?

The warrants' expiration date has been extended to June 1, 2026, a 12-month extension from the original expiry date of June 1, 2025.

How many warrants are affected by MYRUF's extension announcement?

A total of 884,668 warrants are affected by the extension announcement.

What is the exercise price of Myriad Uranium's extended warrants?

The warrants are exercisable at $0.35 per share, with this exercise price remaining unchanged after the extension.

Why is MYRUF's warrant extension considered a related party transaction?

The extension is considered a related party transaction because a director of the company holds 50,000 of the affected warrants.