Miata Metals Closes Oversubscribed Financing for Gross Proceeds of $6.5 Million
{00050713:2}
Miata Metals Closes Oversubscribed Financing for Gross Proceeds of
$6.5 Million
Not for distribution to U.S. news wire services or dissemination in the United States
Vancouver, BC (October 18, 2024) – 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 entitle s the holder to
purchase one common s hare 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 on the
geological model at Sela Creek, compiling historical workings, results of the July sampling program, and recently
flown LiDAR to arrive at a prospective set of drill targets for our fully -funded drill program that is expected to
commence by the end of 2024. We look forward to communicating the drilling plan in the coming weeks.”
The Units issued under the Offering and Non-Brokered Private Placement were offered pursuant to applicable
exemptions from the prospectus requirements under applicable securities laws. The securities issued pursuant to
the Offering and Non-Brokered Private Placement, including any underlying securities, are subject to a statutory
four-month hold period, expiring on February 19, 2025, in accordance with applicable securities legislation.
Upon closing of the Offering and Non-Brokered Private Placement, the Company has 53,242,162 common shares
issued and outstanding. John Wenger , an insider of the Company, acquired 40,000 Units in the Offering. The
insider's participation is considered to be a "related party transaction" as defined under Multilateral Instrument
61- 101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval
requirements under section 5.5(a) and section 5.7(1)(a) of MI 61- 101 as nei ther the fair market value of the
securities s issued to the related party nor the consideration paid by such person exceeds 25% 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, as the details of the participation by the related party were not
known at that time..
About Miata Metals Corp.
Miata Metals Corp. (CSE: MMET). is a Canadian mineral exploration company listed on the Canadian Securities
Exchange. The Company is focused on the acquisition, exploration, and development of mineral properties. The
Company holds a 70% interest in the ~215km2 Sela Creek Gold Project in Suriname, with an option to earn 100%,
and a 70% earned interest in the ~200km2 Nassau Gold Project in Suriname. It also holds an option to earn a 100%
interest in the Cabin Lake Property in the Omineca Mining Division, British Columbia . The Company
{00050713:2}
continuously evaluates opportunities to acquire interest in additional prospective exploration stage mineral
properties.
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
+1 778 488 9754
Forward-Looking Statements
This press release contains certain forward -looking statements as well as historical information. Readers should
not rely on information in this summary for any purpose other than for gaining general knowledge of the Company.
Forward-looking statements inc lude, but are not limited to the timing and scope of exploration and drilling
programs, communicating the drill program in the coming weeks, and use of proceeds from the Offering and Non-
Brokered Private Placement. The words "expected", “believe”, “potentially”, “look forward”, "will" and similar
expressions are intended to be among the statements that identify forward looking statements. Although the
Company believes that its expectations as reflected in any forward- looking statements, are reasonable, such
statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with
these forward- looking statements. Except as required by law, the Company undertakes no obligation to update
these forward -looking statements in the event that management's beliefs, estimates, opinions or other factors
should change.
This press release is not and is not to be construed in any way as, an offer to buy or sell securities in the United
States. The distribution of Miata securities in connection with the transactions described herein will not be
registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) and Miata securities may not
be offered or sold in the United States absent registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy Miata securities, nor shall there be any offer or sale of Miata
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the
adequacy or accuracy of this news release.