Myriad Uranium increases private placement to $550,000

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) announced it has increased its non-brokered private placement financing from $125,000 to up to $550,000 in gross proceeds. The company will issue up to 2.2 million units at $0.25 per unit.

Each unit comprises one common share and one-half of one common share purchase warrant. The warrants allow holders to purchase one share at $0.35 for 24 months from the issuance date.

Three board members, including CEO Thomas Lamb, will participate in the financing. Lamb stated the increase accommodates a key institutional investor and several other investors. The company plans to use proceeds for general working capital.

Securities issued will be subject to a four-month hold period under Canadian securities laws. The company expects to pay finder's fees and issue finder's warrants in connection with the financing.

Director participation constitutes a related party transaction under Multilateral Instrument 61-101, though it is exempt from formal valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of the company's market capitalization.

Myriad Uranium is a uranium exploration company with a 75% interest in the Copper Mountain Uranium Project in Wyoming and recently acquired the Red Basin Uranium 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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