Miata Metals closes $5.5-million private placement

Dr. Jacob Verbaas reports MIATA METALS CLOSES UPSIZED PRIVATE PLACEMENT OF $5.5 MILLION Miata Metals Corp. has closed its previously announced non-brokered private placement offering by issuing 23,913,044 units at a price of 23 cents per unit for total gross proceeds of $5.5-million. Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 40 cents until Aug. 21, 2027. The warrants will be restricted from exercise until Oct. 21, 2025, being the 61st day following the closing of the offering. The units were issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions). Pursuant to NI 45-106, the securities forming part of the units issued to Canadian residents under the offering are not to be subject to resale restrictions. The company is relying on the exemptions in co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption) and is qualified to distribute securities in reliance on the exemptions included in the order. The company intends to use the proceeds from the offering for exploration activities on its Sela Creek and Nassau gold projects in Suriname, and for general working capital and corporate purposes. In connection with the offering, the company paid aggregate cash finders' fees of $165,004, and issued an aggregate of 771,410 finders' warrants to eligible arm's-length finders. The finders' warrants are exercisable into common shares at an exercise price of 40 cents until Aug. 21, 2027. The finders' warrants are subject to a statutory four-month hold from the date of issuance. Two directors and an officer of the company participated in the offering for aggregate proceeds of $121,002 and are considered to be related parties of the company. Each subscription by a related party of the company is considered to be a related-party transaction for purposes of Multilateral Instrument 61-101. The company is relying on the exemptions from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101 as the fair market value of the related parties' participation is not more than 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances to complete the offering in an expeditious manner. About Miata Metals Corp. Miata Metals is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as on the OTCQB and Frankfurt exchanges. The company is focused on the acquisition, exploration and development of mineral properties. The company holds a 70-per-cent interest in the approximately 215-square-kilometre Sela Creek gold project with an option to acquire a full 100-per-cent interest in the project and a 70-per-cent beneficial interest in the Nassau gold project in Suriname with an option to acquire 100 per cent. Both exploration properties are located in the greenstone belt of Suriname. We seek Safe Harbor.