Myriad Uranium raises $595,400 in private placement financing

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) completed a non-brokered private placement financing that raised gross proceeds of $595,400, the company announced September 24.

The Vancouver-based uranium exploration company issued 2,381,600 units at $0.25 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase shares at $0.35 each until September 24, 2027.

Myriad paid $7,000 in finder's fees and issued 28,000 finder's warrants exercisable at $0.25 per share until September 24, 2027. The securities are subject to a four-month hold period ending January 25, 2026, under Canadian securities laws.

CEO Thomas Lamb said in a statement that the placement initially targeted an institutional investor but expanded as other investors and management participated. The company plans to use proceeds for exploration of its mineral properties and general working capital.

Directors and officers participated in the financing, constituting a related party transaction under Multilateral Instrument 61-101. The participation is exempt from formal valuation and minority shareholder approval requirements as it does not exceed 25% of the company's market capitalization.

Myriad holds an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming and a 100% interest in the Red Basin Project in New Mexico. The Copper Mountain project includes the historic Arrowhead Mine, which produced 500,000 pounds of uranium oxide.

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