Myriad Uranium Enters Binding Letter of Intent to Merge with Rush Rare Metals Corp.

Core Viewpoint - Myriad Uranium Corp. has entered into a binding letter of intent to acquire Rush Rare Metals Corp. in a merger transaction, reflecting the belief that the merger is in the best interests of both companies [1][6]. Merger Details - Myriad will acquire all Rush Shares at an exchange ratio of 0.5405 Myriad Shares for each Rush Share, resulting in a premium of 18% based on closing prices and 22% based on a 20-day volume weighted average price [2][3]. - All convertible securities of Rush will be adjusted to be exercisable for Myriad Shares according to the exchange ratio [2]. Strategic Rationale - The merger aims to unify ownership of the Copper Mountain Uranium Project, which is believed to be significantly more valuable under unified ownership than separate ownership [6]. - Myriad's CEO highlighted the enhanced understanding of the Copper Mountain project due to recent exploration successes and historical data, indicating a strong potential for the project [7][8]. Project Focus - Myriad is focused on achieving 100% ownership of the Copper Mountain Uranium Project and unlocking its value, alongside its Red Basin Project in New Mexico [4][13]. - The Copper Mountain project has significant exploration upside, with historical estimates indicating a large uranium endowment [13]. Next Steps - The parties have agreed to negotiate a definitive agreement within 30 days of the LOI execution, with the merger subject to due diligence, shareholder approval, and regulatory approvals [11][12].