Toronto, Canada (June 2, 2017) – Mega Uranium Ltd. (MGA: TSX) is pleased to announce the closing today of its previously announced non-brokered private placement (the “Financing”), pursuant to which the company raised aggregate gross proceeds of $1,250,000 from the issuance and sale of 6,944,445 units, at a price of $0.18 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 $0.25 per share, until expiry on June 2, 2019.
Officers and directors of Mega purchased an aggregate of 1,550,000 units under the Financing, representing approximately 22% of the total number of units sold today.
Mega also issued an aggregate of 160,200 units in payment of finders’ fees to third parties who assisted the company in the Financing. The units have the same terms as the units sold in the Financing.
The proceeds of the Financing will be used for working capital purposes.
ABOUT MEGA URANIUM LTD.
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada. Further information on Mega can be found on the company’s website at www.megauranium.com.