Mega Uranium Ltd. (TSX:MGA) is pleased to announce the closing today of its previously announced non-brokered private placement, pursuant to which the company raised aggregate gross proceeds of $1,500,000 from the issuance and sale of 13,636,364 units, at a price of $0.11 per unit.

Each unit was comprised of one common share and one common share purchase warrant of Mega. Each warrant entitles the holder to purchase one common share of the company, at a price of $0.15 per share, until expiry on August 31, 2020.

Officers and directors of Mega purchased an aggregate of 3,290,000 units under the Financing, representing approximately 24% of the total number of units sold today. 

Mega paid aggregate finders’ fees to third parties who assisted the company in the Financing in the form of $50,160 in cash and 456,000 common share purchase warrants. The warrants have the same terms as the warrants forming part of the units sold in the Financing.

The net proceeds of the Financing will be used for working capital purposes.

A material change report in respect of the Financing, including as to the definitive participation of insiders, will not be filed on SEDAR less than 21 days prior to closing because only 2 weeks have passed between the announcement and closing of the transaction.

ABOUT MEGA URANIUM LTD.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada and a portfolio of equity investments in uranium-focused public and private companies.