Myriad Uranium Closes Private Placement
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.