Mega Uranium Ltd. (MGA: TSX) (“Mega”) announces today that it is proposing to complete a non-brokered private placement to sell up to 6,818,182 units (the ” Units”) at a price of $0.11 per Unit, for aggregate gross proceeds of up to $750,000 (the “Financing”).
Each Unit will consist of one common share and one common share purchase warrant of Mega (a “Warrant”). Each Warrant will entitle the holder to purchase one common share of Mega at a price of $0.15, for a period of 24 months following the closing date. The securities issued under the Financing will be subject to a four month hold period in accordance with applicable Canadian securities laws.
Insiders of Mega may subscribe for up to $400,000 worth of Units. Agents who arrange for sales of Units to purchasers may receive from Mega a cash finder’s fee equal to 6% of gross proceeds raised from the purchasers and units (having the same terms as the Units) equal to 6% of the Units sold to those purchasers. The cash fee may also be settled in units.
Completion of the Financing is subject to certain conditions, including the approval of the Toronto Stock Exchange. Subject to the satisfaction of the conditions, the Financing is anticipated to close in September 2018.
The proceeds from the sale of the Units will be used for general working capital.
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. Further information on Mega can be found on the company’s website at www.megauranium.com.
Source: Mega Uranium Mining
