Mega Uranium Announces the Closing of Public Offering for Gross Proceeds of $50 million
Rochester, New York 10/27/2009 05:15 PM GMT (TransWorldNews)
Mega Uranium Ltd. (TSX: MGA) has announced the closing of the previously announced public offering of units. An aggregate of 58,824,000 units were sold under the offering at a price of $0.85 per unit. The gross proceeds from the offering is approximately $50,000,400 to the company. Each unit is comprised of one common share and one half of one common share purchase warrant of Mega. A purchase warrant will enable the holder to acquire a common share, priced at $1.25. Mega intends to use the net proceeds of the offering for feasibility studies in respect of the Lake Maitland Project, the development of the Project, and working capital and general corporate purposes.
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About Mega Uranium
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Bolivia, Colombia and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium.
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