Myriad Uranium Corp. has successfully closed another tranche of its non-brokered private placement financing, raising gross proceeds of $1,170,000. The company is pleased to welcome a Swiss uranium fund and other investors to its cap table. The funds raised will be primarily used for the exploration program at the Copper Mountain Uranium Project.
Myriad Uranium holds a 75% earnable interest in the Copper Mountain Uranium Project, which has a rich history of exploration and development by Union Pacific in the 1970s. Union Pacific’s drilling efforts resulted in the discovery of multiple uranium deposits and the development of a mine plan for Copper Mountain.
The company aims to bring these historical estimates current under NI 43-101 and potentially exceed them through further drilling at Copper Mountain. The funds raised from the recent tranche of financing will support these exploration activities and contribute to general working capital.
An officer of the company participated in the financing, which was determined to be a related party transaction. The company’s directors approved this participation, providing additional working capital for Myriad Uranium.
In addition, Myriad Uranium has entered into an amending agreement with Rush Rare Metals Corp., detailing terms and conditions regarding the Copper Mountain Project as well as any future additions to the property.
It is important to note that historical estimates mentioned in the news release should not be solely relied upon as current mineral resources at the project area. A Qualified Person has not classified these estimates as current resources, and further work is needed to verify and potentially re-state them.
George van der Walt, MSc., Pr.Sci.Nat., MGSSA, has approved the scientific and technical information in relation to the Copper Mountain Project. Myriad Uranium Corp. is committed to diligent exploration efforts at the Copper Mountain and Millen Mountain properties, aiming to unlock the full potential of these assets.
