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Myriad Uranium Corp. (CSE: M,OTC:MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") for gross proceeds of C$8,603,000, which includes the partial exercise of the Underwriters' (as defined herein) over-allotment option. Pursuant to the Offering, the Company sold 21,507,500 units of the Company (the "Units") at a price of C$0.40 per Unit (the "Offering Price"). Red Cloud Securities Inc. ("Red Cloud"), as lead underwriter and sole bookrunner, and Research Capital Corporation (collectively with Red Cloud, the "Underwriters") acted as underwriters under the Offering.
Each Unit consists of one common share of the Company (each, a "Unit Share") and one common share purchase warrant of the Company (each, a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.60 per Warrant Share at any time on or following January 13, 2026 to November 13, 2028.
The Company intends to use the net proceeds from the Offering for the exploration and advancement of the Company's Copper Mountain Uranium Project in Wyoming, U.S. and Red Basin Project in New Mexico, U.S., as well as for general corporate purposes and working capital.
In accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units were issued to eligible substituted purchasers resident in Canada and certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"). The Unit Shares and Warrants underlying the Units, and the Warrant Shares underlying the Warrants, if exercised, are immediately freely tradeable under applicable Canadian securities legislation.
As consideration for their services, the Underwriters received aggregate cash fees of C$475,680 and 1,189,200 non-transferable common share purchase warrants (the "Broker Warrants"). Each Broker Warrant is exercisable into one common share of the Company (the "Broker Shares") at the Offering Price at any time on or before November 13, 2028. The Broker Warrants, and the Broker Shares underlying the Broker Warrants, if exercised prior to March 14, 2026, will be subject to a hold period ending on March 14, 2026 under applicable Canadian securities legislation.
There is an amended and restated offering document related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.myriaduranium.com.
The closing of the Offering remains subject to the final approval of the Canadian Securities Exchange (the "CSE").
Directors and officers of the Company participated in the Offering, purchasing an aggregate of 181,250 Units for aggregate gross proceeds of $72,500, which is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). This participation 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 did not file a material change report at least 21 days before closing the insiders' participation in the Offering, which was reasonable given the MI 61-101 exemption noted above.
The securities offered in the Offering 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 U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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. A recent press release discussing the 1982 U.S. Department of Energy assessment of Copper Mountain's uranium endowment can be viewed here. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of 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 has a 100% interest, subject to completing a geophysical survey by January 31, 2026, in the Red Basin Uranium Project in New Mexico, which has extensive near-surface uranium mineralisation and significant upside potential. 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. The final news release regarding chemical assays of 2024 Copper Mountain drilling can be viewed here.
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. Forward-looking statements in this news release include, without limitation, statements regarding the intended use of proceeds from the Offering and the final approval of the Offering by the CSE. 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.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274345
