Myriad Uranium previously held three-quarters of Copper Mountain, its main uranium project in Wyoming. As of August 21, it holds all of it.
The company completed its acquisition of Rush Rare Metals Corp. through a plan of arrangement, according to Myriad's August 21 announcement on Newsfile. Rush shareholders voted to approve the deal on August 17. Two days later the Supreme Court of British Columbia issued the final order, and the transaction closed. Rush is now a wholly owned subsidiary of Myriad, and Rush's shares have been delisted from the Canadian Securities Exchange.
To pay for it, Myriad issued about 25 million new shares to former Rush shareholders — roughly one Myriad share for every two Rush shares held. Each new share issued makes the ones already outstanding a smaller slice of the same company. About 2.1 million Myriad options were also created to replace outstanding Rush options.
The deal came with a built-in asset separation. Rush's Boxi Property in Quebec — a rare-earths prospect with no connection to Wyoming uranium — was spun out into a new entity at closing. Former Rush shareholders received one Spinco share for every four Rush shares they held, and Myriad put $100,000 into the new company to capitalise it. Myriad exits Quebec entirely; former Rush holders keep their exposure to Boxi.
Copper Mountain's history explains the strategic logic. Union Pacific ran about 2,000 boreholes across the district in the late 1970s and reached advanced mine planning before a collapse in uranium prices stopped the work, according to the company's announcement. The company estimates Union Pacific spent roughly C$125 million in today's money on the project. CEO Thomas Lamb said in the announcement that Myriad believes Copper Mountain "could become America's largest" uranium project. That claim is the company's own — no current resource estimate has been established, and the company states that historical estimates at the site have not been verified by a qualified person under current standards.
Registered Rush shareholders who still hold paper share certificates need to submit them to TSX Trust Company to receive the Myriad shares owed to them under the arrangement.