Mega Uranium Completes Ben Lomond Sale
03 Octubre 2022 - 6:00AM
Mega Uranium Ltd. (MGA: TSX) announces the closing of the
sale of its Ben Lomond uranium property located in Queensland,
Australia (the “
Property”) to Consolidated Uranium
Inc. (“
CUR”), following the prior exercise by CUR
of its option on the Property. Mega received an aggregate of
1,104,240 common shares of CUR in payment of the $2.5 million
purchase price for the Property and an additional 236,308 common
shares in satisfaction of a $535,000 payment that was contingent
upon the monthly average spot price of uranium reaching US$50
subsequent to May 2020.
Additional payments of up to $1,850,000, which
are contingent upon monthly average uranium spot prices of at least
US$75 and US$100, remain payable to Mega for a period of twenty
years.
Together with the securities of CUR that it held
immediately prior to closing, mega holds an aggregate of 4,721,826
common shares of CUR, representing approximately 6% of the
company’s outstanding shares, and an additional 338,139 common
share purchase warrants.
ABOUT MEGA URANIUM LTD.Mega
Uranium Ltd. is a Toronto-based mineral resources company with a
focus on the Georgetown uranium property in Australia and a
portfolio of equity investments in uranium-focused public and
private companies. Further information on Mega can be found on the
company’s website at www.megauranium.com.
For further information please contact:
Mega Uranium Ltd.
Richard Patricio
Chief Executive Officer and President
T: (416) 643-7630
info@megauranium.com
www.megauranium.com
Mega Uranium (TSX:MGA)
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