Myriad Uranium (CSE:M) has completed its C$10.49 million ($10.58 million) acquisition of Rush Rare Metals, consolidating full ownership of the Copper Mountain Uranium Project in Wyoming, US.
Myriad previously held a 75% interest in Copper Mountain, with the acquisition delivering the remaining 25%.
Under the statutory plan of arrangement, Myriad issued 24,983,671 common shares to Rush shareholders at a deemed price of C$0.42 each.
The exchange ratio provided 0.5405 Myriad shares for every Rush share, equivalent to one Myriad share for every 1.85 Rush shares. Myriad also replaced Rush’s outstanding options with 2,110,120 options on adjusted terms.
Rush shareholders approved the arrangement on 17 August, followed by a final order from the Supreme Court of British Columbia, Canada, on 19 August.
Rush is now a wholly owned Myriad subsidiary, with its shares delisted from the Canadian Securities Exchange.
CEO Thomas Lamb says the consolidated ownership structure will simplify operations and decision-making at Copper Mountain.
“Full ownership of Copper Mountain gives us a clean, simplified structure and complete control over a uranium project we believe could become America’s largest,” Lamb says.
As part of the arrangement, Rush shareholders received 11.56 million shares in a newly formed company holding the Boxi rare earths property in Québec. Rush transferred the property and C$100,000 to the spinout company.
Copper Mountain hosts several historical uranium deposits and former mines, including the Arrowhead mine, which produced around 500,000 pounds of triuranium octoxide.
Around 2,000 boreholes were drilled across the district during exploration and development work in the late 1970s. However, its historical estimates cannot be classified as current mineral resources or ore reserves, with Myriad planning further work to verify them.
Write to France Pinzon at Mining.com.au
Images: Myriad Uranium
