Myriad Uranium Issues Stock Options

Rhea-AI Summary

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) announced the issuance of 1,425,000 stock options to directors, officers, and consultants of the Company. Each option is exercisable for one common share at an exercise price of $0.20 per share for five years from the date of grant. The issuance is considered a 'related party transaction' under Multilateral Instrument 61-101 ('MI 61-101'), exempt from formal valuation and minority shareholder approval requirements as it does not exceed 25% of the market capitalization of the Company.

Vancouver, British Columbia--(Newsfile Corp. - January 3, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") announced today that it has issued an aggregate of 1,425,000 stock options to directors, officers and consultants of the Company. Each option is exercisable for one common share at an exercise price of $0.20 per share for five years from the date of grant.

Certain directors and officers of the Company received stock options, and such issuance of stock options 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 issuance of stock options does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

About Myriad Uranium Corp.

Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the 1,911 acre 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 Rocky Mountain Energy, a subsidiary of Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. 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. Rocky Mountain Energy is estimated to have spent US$74 million (2023 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here.

Myriad also holds 80% ownership of over 1,800 km² of uranium exploration licenses in the Tim Mersoï Basin, Niger, and the option to earn up to 100%. These licenses are surrounded by many of the most significant uranium deposits in Africa, including Orano's 384 Mlbs eU₃O₈ Imouraren, Global Atomic's 236 Mlbs Dasa, and Goviex's 100 Mlbs Madaouela, and on the same fault structures. Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals 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.

A recent interview with Crux Investors is here. A video overview of the Copper Mountain Project is here. The Company's factsheet is here.

Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com

Forward-Looking Statements

Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193113

FAQ

What did Myriad Uranium Corp. announce?

Myriad Uranium Corp. announced the issuance of 1,425,000 stock options to directors, officers, and consultants of the Company.

How many shares can each option be exercised for?

Each option is exercisable for one common share at an exercise price of $0.20 per share for five years from the date of grant.

What is considered a 'related party transaction' under Multilateral Instrument 61-101 ('MI 61-101')?

The issuance of stock options to certain directors and officers of the Company is considered a 'related party transaction' under MI 61-101.

What are the requirements exempted for the issuance of stock options?

The issuance of stock options is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as it does not exceed 25% of the market capitalization of the Company.