The Uranium Leader TM
The Uranium Leader TM
PRESS RELEASE
PRESS RELEASE
MEGA URANIUM LTD.: “MGA” (TSX)
FOR IMMEDIATE RELEASE: December 21, 2017
Mega Uranium Restates 2016 Comparative Financial Information
Toronto, Canada (December 21, 2017) -- Mega Uranium Ltd. (TSX: MGA) announces that it
has restated certain 2016 comparative financial information (the “Comparative Statements”)
in the company’s audited consolidated financial statements for the year ended September 30,
2017, which w ere filed today on SEDAR under Mega’s profile (www.sedar.com). The
restatement relates to the accounting of Mega’s equity-accounted investment in Toro Energy
Limited, arising from differences in the accounting policies of the two entities.
During its financial year ended September 30, 2016, Mega changed its accounting policy for
mineral properties and deferred exploration expenditures from capitalizing the costs to
recognizing them in the consolidated statement of income and comprehensive income.
During t he period, Toro continued to capitalize its own mineral properties and deferred
exploration costs but Mega did not make applicable adjustments to reconcile the newly -
differing accounting policies when it accounted for its investment in Toro.
The Comparative Statements have been restated to correct the error and the changes to the
applicable statements are set out below. All financial information is reported in thousands of
Canadian dollars, except for per share amounts.
The impact on the consolidated state ment of financial position as at October 1, 2015 is as
follows:
As previously
reported Adjustment As restated
STATEMENT OF FINANCIAL POSITION
Equity investment $27,761 $(9,274) $18,487
Total non-current assets 41,043 (9,274) 31,769
Total assets 43,403 (9,274) 34,129
Deficit (296,407) (9,274) (305,681)
Total equity 41,671 (9,274) 32,397
Total equity and liabilities 43,403 (9,274) 34,129
The Uranium Leader TM
The impact of this change on the consolidated financial statement as at and for the year ended
September 30, 2016 is as follows:
As previously
reported Adjustment As restated
STATEMENT OF FINANCIAL POSITION
Equity investment $16,953 $(264) $16,689
Total non-current assets 55,612 (264) 55,348
Total assets 57,214 (264) 56,950
Deficit (304,684) (264) (304,948)
Total equity 57,017 (264) 56,753
Total equity and liabilities 57,214 (264) 56,950
STATEMENT OF INCOME AND COMPREHENSIVE INCOME
Loss on equity investment $(10,202) $9,003 $(1,199)
Loss on deemed disposition of equity investment (15) 7 (8)
Net (loss) income for the year (8,280) 9,010 730
Total comprehensive income for the year 14,821 9,010 23,831
Basic and diluted (loss) income per share (0.03) 0.03 0.00
STATEMENT OF CASH FLOWS
Net (loss) income for the year $(8,280) $9,010 $730
Loss on equity investment 10,202 (9,003) 1,199
Loss on deemed disposition of equity investment 15 (7) 8
ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto -based mineral resources company with a focus on urani um 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.
For further information please contact:
Investor Relations
Mega Uranium Ltd.
Richard Patricio
Chief Executive Officer
T: (416) 643-7630
www.megauranium.com