Mr. Richard Patricio reports
MEGA URANIUM COMPLETES BEN LOMOND SALE
Mega Uranium Ltd. has closed the sale of its Ben Lomond uranium property located in Queensland, Australia, to Consolidated Uranium Inc., following the prior exercise by Consolidated Uranium of its option on the property. Mega received an aggregate of 1,104,240 common shares of Consolidated Uranium in payment of the $2.5-million purchase price for the property and an additional 236,308 common shares in satisfaction of a $535,000 payment that was contingent upon the monthly average spot price of uranium reaching $50 (U.S.) subsequent to May, 2020.
Additional payments of up to $1.85-million, which are contingent upon monthly average uranium spot prices of at least $75 (U.S.) and $100 (U.S.), remain payable to Mega for a period of 20 years.
Together with the securities of Consolidated Uranium that it held immediately prior to closing, Mega holds an aggregate of 4,721,826 common shares of Consolidated Uranium, representing approximately 6 per cent of the company's outstanding shares, and an additional 338,139 common share purchase warrants.
About Mega Uranium Ltd.
Mega Uranium is a Toronto-based mineral resources company with a focus on the Georgetown uranium property in Australia and a portfolio of equity investments in uranium-focused public and private companies.
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