Myriad Uranium Corp. has completed its acquisition of Rush Rare Metals Corp. under a statutory plan of arrangement, securing 100% control of the Copper Mountain uranium project in Wyoming, USA.

Under the completed transaction, Myriad issued 24,983,671 common shares to Rush shareholders and replaced all outstanding Rush stock options with 2,110,120 Myriad options. Rush has now become a wholly owned subsidiary of Myriad and has been delisted from the Canadian Securities Exchange.

The consolidation marks a significant change in project structure. Under a previous October 2023 property option agreement, Myriad held a 75% interest in Copper Mountain after incurring $5.5 million in eligible expenditures. The statutory plan of arrangement now gives the company unencumbered full ownership of the district.

As part of the restructuring, Rush spun out its Boxi Property in Quebec into a subsidiary, 1577075 B.C. Ltd., transferring all rights to the property alongside $100,000 in capitalization funding. Rush shareholders received 11,555,816 common shares in the new spin-off entity.

“This merger is a significant value catalyst for Myriad. 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. I want to recognize Pete Smith, whose original vision created both Rush and Myriad, and I'm pleased he'll remain closely involved as an advisor to the Company going forward.”

— Thomas Lamb, CEO

The operational focus now turns to ongoing exploration at the site. Myriad is awaiting laboratory verification and chemical assays for the initial four drill holes completed at the Lucky Cliff target. Once work at Lucky Cliff wraps up, the Phase II drilling program is planned to test other historical resource areas across the broader Copper Mountain property.

Read the full announcement: Myriad Uranium Completes Acquisition of Rush Rare Metals