Vancouver, British Columbia--(Newsfile Corp. - November 22, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it will be conducting a non-brokered private placement of up to 6,250,000 units (each, a "Unit") at a price of $0.40 per Unit (the "Financing") to raise gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company (each, a "Share") and one-half of one Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase an additional Share at a price of $0.55 for a period of twenty-four (24) months from the date of issuance.
Securities issued under the Financing will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company may pay finder's fees in connection with the Financing. The Company intends to use the proceeds of the Financing for exploration of the Company's mineral properties and for general working capital. The Financing will be used to fund an expansion of the Copper Mountain Project's footprint over nearby prospects and areas of potential revealed by historical data and other proprietary information. Proceeds will also fund project-scale geophysics and other activities that will be supportive of our next phase of drilling.
Simon Clarke Appointed as Chair
Myriad also announces that Simon Clarke has been appointed as Chair of the Board of Directors of the Company, effective immediately. Mr. Clarke was elected as a director of the Company on September 19, 2024, at the Company's annual general meeting of shareholders.
Myriad's CEO Thomas Lamb commented: "We are building a team to match our ambition. Copper Mountain has the potential to be one of Wyoming's largest uranium projects and Simon Clarke has the experience and strategic vision to help us get there. Just what you want in a Chair. Naming him Chair also offers further benefits, since it strengthens the independence of our Board. On a personal level, I am delighted to be working with Simon again and believe we can repeat our collective and individual past successes with Myriad. I'm very pleased he's accepted our invitation to become Chair. I note that we will both be participating in the upcoming financing, alongside other members of management and several cornerstone investors."
Mr. Clarke commented. "I am proud to be stepping up to Chair of Myriad at a time where we have just finished a highly successful maiden drill program at Copper Mountain, which I believe has validated the historical drilling and other work undertaken on the project by Union Pacific and other major players from the sector, while also highlighting the large-scale potential across the wider project area. The quality of work and its execution is a testament to the team built by Tom Lamb and we are very well-positioned going forward. Recent global events and recent developments in the uranium sector position Myriad to benefit strongly from a renewed focus on the need for quality domestic uranium projects at a time when energy security is more critical than ever.
As Chair, I recognize and appreciate the value of shareholder alignment and am delighted to be an existing shareholder and to have the opportunity to invest further at this time alongside Tom Lamb and others. But most importantly, I am excited about the opportunity sitting before us as the historical exploration work that we are validating points to Copper Mountain's tremendous potential in the heart of Wyoming, just as the US begins what could be a nuclear renaissance that many believe can only be achieved with the help of safe and secure domestic uranium supply."
Mr. Clarke brings over 25 years' experience and relationships from building mining, energy, and energy technology companies. Mr. Clarke is currently CEO, President & Director of American Potash Corp. (a potash and lithium exploration / development company), a company currently re-branding as American Critical Minerals. He is also currently a Director and Chair of Myriad Uranium. Previously Mr. Clarke was CEO & Director of American Lithium Corp., trading on the TSXV and NASDAQ. Beyond its development stage lithium projects, American Lithium is also developing the Macusani Uranium Project, the largest uranium asset in South America and one of the largest development stage uranium projects globally. Mr. Clarke was with American Lithium for four years, during which time its Market Valuation reached $1.2 Billion at the height of the last lithium cycle, Mr. Clarke was also a co-founder, CEO, and Director of M2 Cobalt Corp., focused on cobalt and copper in East Africa. M2 Cobalt was acquired by Jervois Global in June 2019 and as part of the transaction terms, Mr. Clarke joined Jervois as a Director and then as part of Senior Management for a 12-month term. Mr. Clarke was also a co-founder, executive, and director of Osum Oil Sands Corp., a Calgary-based oil sands company which grew through exploration and development into production and was producing in excess of 20,000 barrels of oil per day when it was acquired by Waterous Energy Fund for approx. $400 million in April, 2021. Mr. Clarke holds an LLB and Diploma in Legal Practice from Aberdeen University, Scotland.
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 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. 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 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.
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.
