MEGA Uranium Announces Ben Lomond Option Exercise
The Uranium Leader TM
PRESS RELEASE
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
PRESS RELEASE
MEGA URANIUM LTD.: “MGA” (TSX)
FOR IMMEDIATE RELEASE: June 15, 2022
MEGA URANIUM ANNOUNCES BEN LOMOND OPTION EXERCISE
Toronto, Canada June 15, 2022) – Mega Uranium Ltd. (MGA: TSX) announces that Consolidated
Uranium Inc. (“CUR”) has exercised its option to purchase Mega’s Ben Lomond uranium property
located in Queensland, Australia (the “Property”). In accordance with the terms of the option, CUR
has elected to pay the $2.5 million purchase price for the Property by the issuance to Mega on closing
of 1,104,240 common shares of CUR, at a deemed price of $ 2.264 per share, being the volume
weighted average trading price of the shares for the five trading days ended two business days prior
to the option exercise.
An additional payment of $535,000 will also be due to Mega on closing, which was contingent on the
monthly average spot price of uranium reaching US$50 subsequent to the execution of the underlying
option agreement in May 2020. CUR has similarly elected to satisfy payment of this amount by
issuing an additional 236,308 common shares to Mega. Further contingent payment obligations of
up to $1,850,000 associated with monthly average uranium spot prices of at least US$75 and US$100
will remain in effect for a period of twenty years . The issuance of all of t he CUR common shares to
Mega on closing is subject to the approval of the TSX Venture Exchange, failing which the amounts
owing to Mega will be paid in cash.
Subject to the satisfaction of certain customary closing conditions, completion of the sale of the
Property is anticipated to occur in the third quarter of 2022.
In accordance with the terms of the parties’ option agreement, Mega has until October 12, 20 22 to
elect to sell to CUR its Georgetown uranium property, which is also located in Queensland, Australia,
for a purchase price of $500,000 and contingent payment obligations of up to $1,425,000 that are
dependent upon the same monthly average uranium spot prices referenced above.
The Uranium Leader TM
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.
For further information please contact:
Mega Uranium Ltd.
Richard Patricio
Chief Executive Officer and President
T: (416) 643-7630
www.megauranium.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking information based on current expectations in connection with the
options and underlying property sales (the “Transaction”), including events which are proposed to occur under the
terms of the agreement. Forward -looking information is often, but not always, identified by the use of the words
“contemplate”, “estimate”, “expect” and “anticipate” and statements that an event or result “may”, “will”, “should”,
“could” or “might” occur and any similar expressions or negative variations thereof.
In providing forward-looking information in this press release, we have made numerous assumptions regarding
the Transaction, which we believe to be reasonable, including assumptions relating to the satisfaction of conditions
to the completion of the Transaction and the timing of closing . Forward-looking information entails various risks
and uncertainties however that could cause actual results to differ materially from those reflected in the forward-
looking information. Sp ecific risks that could cause actual results to differ materially from those anticipated or
disclosed in this press release include, but are not limited to failure to satisfy the conditions to complete the
Transaction, including failure to receive required approvals, and the delay of completion or failure to complete the
Transaction for any other reason. G eneral risks relating to capital markets, economic conditions, and regulatory
changes may also cause actual results to differ materially from those anticipated or disclosed in this press release.
Forward-looking information are not guarantees of future performance, and management’s assumptions upon
which such forward-looking information are based may prove to be incorrect.
Accordingly, there can be no assur ance that actual events or results will be consistent with the forward-looking
information disclosed herein. In light of the significant uncertainties inherent in forward-looking information, any
such forward-looking information should not be regarded as r epresentations by us that our objectives or plans
relating to the rights offering or standby commitment or otherwise will be achieved. Investors are cautioned not to
place undue reliance on any forward-looking information contained herein and that such for ward-looking
information are provided solely for the purpose of providing information about our current expectations and plans
relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. In
addition, forward-looking information relates to the date on which they are made.
We disclaim any intention or obligation to update or revise any forward-looking information contained in this press
release, whether as a result of new information, future events or otherwise, except to the extent required by law.