Myriad Uranium Corp. (OTC: MYRUF) On Watchlist After Concluding Private Placement

On October 9, Myriad Uranium Corp. (OTC: MYRUF) moved into focus after the company announced that it had been successful in closing the final tranche of its non-brokered private placement.

The Key Details

In the news release, it was revealed that the company managed to raise gross proceeds to the tune of $1,845,890 by issuing 7,383,560 units for the price of $0.25 each. A unit comprised of one common share in Myriad Uranium Corp. and half of a common share purchase warrant. A whole warrant would entitle the holder to pick up a common share in the company for $0.30 up until October 7, 2026.

Capital Raised

The private placement was accomplished in three tranches, and the company raised a total of $5,928,390, which surpassed the initial target of $5 million. Myriad Uranium Corp. paid the finder’s fee of $75,056 and also issued 300224 finder’s warrants. The finder’s warrants could be exercised to buy a common share for $0.25 up until October 7, 2026.

The securities that had been issued under the third tranche would be subjected to a hold period of four months and would end on February 8, 2025. The proceeds from the private placement would be used by Myriad Uranium Corp. to finance its 2024 Copper Mountain exploration program and also for general working capital needs.

Key Quote

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.”