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Miata Metals Closes Oversubscribed Financing for Gross Proceeds of $6.5 Million

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VANCOUVER, British Columbia, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE:MMET) (FSE: 8NQ) ("Miata" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement offering (the "Offering") of 10,623,600 units of the Company (each a "Unit") at a price of $0.60 per Unit for aggregate gross proceeds to the Company of $6,374,160. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.90 per share for a period of 24 months. The Offering was being conducted by a syndicate led by Clarus Securities Inc. and PowerOne Capital Markets Limited.

Concurrent with the close of the Offering, Miata also closed a non-brokered private placement (the "Non-Brokered Private Placement") with a strategic investor on the same terms as the Offering. Under the Non-Brokered Private Placement, Miata issued 250,000 Units for gross proceeds of $150,000. Gross proceeds for the Offering and Non-Brokered Private Placement totalled $6,524,160. The net proceeds raised from the Offering and the Non-Brokered Private Placement will be used for the continued exploration and advancement of the Company's exploration program on its mineral properties and for general working capital and corporate purposes.

Dr. Jacob Verbaas, CEO and Director of Miata commented "The upsizing and closing of the Offering, as well as the additional closing of the Non-Brokered Private Placement shows robust support for what we are building at Miata. With gold prices recently cresting all-time highs, and increased activity in the Guiana Shield, investor demand is strong for our newly acquired portfolio of gold projects. We have made significant progress ...