Myriad Uranium and Rush Rare Metals Announce Proposed Merger

Core Viewpoint - Myriad Uranium Corp. and Rush Rare Metals Corp. have signed a letter of intent for a proposed merger, where Myriad will acquire 100% of Rush's outstanding shares, with a share exchange ratio of one Myriad share for every two Rush shares [1][2][3] Company Overview - Myriad Uranium Corp. is a uranium exploration company with a 75% interest in the Copper Mountain Uranium Project located in Wyoming, USA, which has historical uranium deposits and mines [5][6] - Rush Rare Metals Corp. is involved in the merger with Myriad, which aims to consolidate ownership of the Copper Mountain Project for enhanced value [2][3] Merger Details - Under the proposed arrangement, all of Rush's convertible securities will be converted to Myriad shares, and Rush will create a subsidiary, Rush Spinco, to hold its Boxi Property in Quebec [1][2] - The merger is expected to provide Rush shareholders with shares in both Myriad and Rush Spinco, allowing them to retain an interest in the Boxi property [3][4] Strategic Rationale - Both companies believe that unified ownership of the Copper Mountain Project will significantly increase its value and attract institutional investors [3] - Myriad's management emphasizes the historical investment and data supporting the potential of Copper Mountain as a district-scale uranium source for the U.S. [3][6] Conditions for Closing - The transaction is subject to several conditions, including mutual due diligence, execution of a definitive agreement, and approvals from Rush shareholders, the British Columbia Supreme Court, and the Canadian Securities Exchange [4]