Miata Metals Announces Upsize to Non-Brokered Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - Miata Metals Corp. (CSE: MMET) ("Miata" or the "Company") is pleased to announce that, due to investor demand, its previously announced non-brokered private placement of up to $1,500,000 has been increased to up to $1,750,000 (the "Private Placement").

Under the terms of the Private Placement, Miata proposes to issue up to 5,833,333 units of the Company (each, a "Unit") at a price of $0.30 per Unit for gross proceeds of up to $1,750,000. 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 additional common share of the Company at a price of $0.50 per share for a period of 24 months from the issue date. The Warrants will be subject to an acceleration right of Miata if the share price closes above $0.50 for a period of more than 10 consecutive trading days.

The proceeds from the Private Placement will be used to fund the closing costs of Miata's previously announced proposed acquisition of 79North Inc., the initial exploration program in Suriname, exploration on the Cabin Lake Property, and for general working capital and corporate purposes. For details on the proposed acquisition of 79North Inc., please refer to the Company's June 5, 2024 press release.

The Company may pay finder's fees in connection with the Private Placement and the Private Placement is subject to the approval of the Canadian Securities Exchange. All securities to be issued in the Private Placement will be subject to a hold period of four months and one day from the date of issuance, under applicable securities laws in Canada.

About Miata Metals Corp.

Miata is a Canadian company listed on the Canadian Securities Exchange (CSE: MMET). The Company is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties. Currently, the Company has an option to earn a 100% interest in the Cabin Lake Property in the Omineca Mining Division, British Columbia. The Company continuously evaluates opportunities to acquire interest in additional exploration stage mineral properties in stable jurisdictions.

ON BEHALF OF THE BOARD,

Dr. Jacob (Jaap) Verbaas, P. Geo | CEO and Director
[e-mail]
[phone]

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 include, but are not limited to, the closing of the Private Placement, proposed use of funds, and the closing of the acquisition of 79North Inc. The words "expected", "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.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212817