Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB: MMETF) is pleased to announce that it has closed its previously announced non-brokered private placement offering by issuing 23,913,044 units at a price of $0.23 per unit for total gross proceeds of $5,500,000.

Each Unit consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.40 until August 21, 2027. The Warrants will be restricted from exercise until October 21, 2025, being the 61^st 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 (“NI 45-106”). 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 Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Order”) 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 finder’s fees of $165,004, and issued an aggregate of 771,410 finder’s warrants (the “Finder’s Warrants”) to eligible arm’s length finders. The Finder’s warrants are exercisable into common shares at an exercise price of $0.40 until August 21, 2027. The Finder’s 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 MI 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% of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transactions at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

About Miata Metals Corp.

Miata Metals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as the OTCQB and Frankfurt Exchanges. 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 with an option to acquire a full 100% interest in the project, and a 70% beneficial interest in the Nassau Gold Project in Suriname with an option to acquire 100%. Both exploration properties are located in the greenstone belt of Suriname.