Business
Myriad Uranium Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (“Myriad” or the “Company”) is pleased t
About this update from Myriad Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (“Myriad” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement financing (the “Financing”) (see Myriad’s news release dated June 12, 2024). Under the first tranche of the Financing, Myriad raised gross proceeds of $2,912,500 through the issuance of 11,650,000 units (each, a “Unit”) at a price of $0.25 per Unit. Each Unit is comprised 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 June 24, 2026. Myriad Uranium's CEO Thomas Lamb commented: \"We are pleased to welcome a number of strategic investors and prominent funds to Myriad in this first tranche. All have proven success in financing and developing mining projects.\" \"I note that we are closing this first tranche now to enable us to immediately commence a surface magnetometer survey and pay up-front expenses relating to our planned 2024 exploration drill program. A second tranche will close in due course. Details regarding our 2024 exploration program will be discussed in an upcoming release.\" In connection with the first tranche of the Financing, the Company paid aggregate finder's fees of $111,800 and issued an aggregate of 447,200 finder's warrants (each, a \"Finder's Warrant\"), each Finder's Warrant exercisable for one Share at a price of $0.25 until June 24, 2026. Securities issued under the first tranche of the Financing are subject to a four month hold period expiring October 25, 2024, in accordance with applicable Canadian securities laws. The Company intends to use the proceeds of the first tranche of the Financing for exploration of the Company's mineral properties and for general working capital. A director and officer of the Company participated in the first tranche of the Financing, and such participation 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 such part...