Mega Uranium Ltd. (MGA: TSX) is pleased to announce that it has
participated in the recently closed equity financings of Toro
Energy Limited (ASX: TOE; “Toro Energy”) and International
Consolidated Uranium Inc. (TSXV: CUR; “Consolidated Uranium”), two
publicly-listed issuers engaged in uranium exploration and
development activities.
Mega’s AUD$1.5M investment in Toro Energy formed
part of Toro Energy’s AUD$15M aggregate equity financing, that,
together with and subject to completion of its proposed AUD$6.7M
debt conversion transaction (which requires shareholder approval),
would position Toro Energy as debt-free and well-funded for its
ongoing development and exploration programs. Mega has been a
long-time shareholder and supporter of Toro Energy dating back to
2013 and now holds a 12.76% equity interest in the company.
Mega also invested an additional CAD$482,000 in
Consolidated Uranium’s recently completed CAD$9M equity financing.
The financing brought Consolidated Uranium’s balance sheet to
approximately CAD$23M in cash assets.
Commenting on these additions to Mega Uranium’s
investment portfolio, Richard Patricio, President and CEO, stated:
"We are pleased to continue our support of our investee companies
and congratulate them on their recent successes. Both companies are
competitively positioned for growth in this resurgent uranium
market. In addition to our flagship investment in NexGen Energy
Ltd. (TSX:NXE; NYSE MKT:NXE) hitting all-time highs recently, we
believe that the uranium equity markets are in a new bullish trend
and we are optimistic about our assets and uranium investments and
our ability to monetize them in the future.
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 PatricioChief Executive Officer and
PresidentT: (416)
643-7630info@megauranium.comwww.megauranium.com
ABOUT TORO ENERGY LTD.
Toro’s flagship asset is the 100% owned Wiluna
Uranium Project, located 30 kilometres southwest of Wiluna in
Central Western Australia. The Wiluna Uranium Project has received
environmental approval from the Australian state and federal
governments, moving the Project one step closer to potentially
becoming Western Australia’s first uranium mine.
www.toroenergy.com.au
ABOUT INTERNATIONAL CONSOLIDATED URANIUM
INC.
International Consolidated Uranium Inc. is a
Vancouver-based exploration and development company. It has entered
into option agreements to acquire five uranium projects in
Australia, Canada and Argentina. Subject to receipt of regulatory
and/or governmental approvals, the company has the right to
acquire: (a) a 100% interest in the Ben Lomond and Georgetown
uranium projects in Australia from Mega Uranium; (b) a 100%
interest in the Laguna Salada uranium and vanadium project in
Argentina from U308 Corp.; and (c) a 100% interest in the Mountain
Lake uranium project in Nunavut, Canada from IsoEnergy Ltd. The
Company also owns the Dieter Lake project in Quebec, Canada and has
the right to acquire a 100% interest in the Moran Lake uranium and
vanadium project in Labrador, Canada from a private party.
NOTE REGARDING INVESTEE COMPANY
INFORMATION
The information regarding Toro Energy Limited
and International Consolidated Uranium Inc. contained in this press
release (the “Investee Information”) has either been provided to us
by the particular company or obtained from publicly available
information disclosed by the entity. We have not independently
verified and make no representations regarding the accuracy or
completeness of the Investee Information.
NOTE REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained in this press
release constitutes “forward-looking information”, which is
information regarding possible events, conditions or results of
operations that is based upon assumptions about future economic
conditions and courses of action. All information other than
matters of historical fact may be forward-looking information. In
some cases, forward-looking information can be identified by the
use of words such as “seek”, “expect”, “anticipate”, “budget”,
“plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”,
“will” and similar words or phrases (including negative variations)
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this press release includes, but is
not limited to information about: our expectations regarding
sentiment and trends in the uranium equity markets, our ability to
monetize our assets and investments, and the ability of our
investees to manage their financial assets, obligations and
condition to fund their exploration and development activities.
By its nature, forward-looking information
involves known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
industry results, to differ materially from those expressed or
implied by such forward-looking information. Some of the risks and
other factors that could cause actual results to differ materially
from those expressed in the forward-looking information contained
in this press release include, but are not limited to: the
uncertainty associated with estimating working capital
requirements, which can require unknown or unexpected expenditures,
fluctuations in the fair value of our investments due to thinly
traded securities, issuer-specific events that affect a company’s
market value, or general market conditions, all of which could
materially increase or decrease our proceeds of dispositions and
available funds and impact positively or negatively our ongoing
operations; risks and uncertainties relating to the interpretation
of drill results, the geology, grade and continuity of mineral
deposits and conclusions of economic evaluations; results of
initial feasibility, pre-feasibility and feasibility studies, and
the possibility that future exploration, development or mining
results will not be consistent with our expectations; risks
relating to possible variations in reserves, grade, planned mining
dilution and ore loss, or recovery rates and changes in project
parameters as plans continue to be refined; mining and development
risks, including risks related to accidents, equipment breakdowns,
labour disputes (including work stoppages and strikes) or other
unanticipated difficulties with or interruptions in exploration and
development; the potential for delays in exploration or development
activities or the completion of feasibility studies; risks related
to the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses; risks related to
commodity price and foreign exchange rate fluctuations; the
uncertainty of profitability based upon the cyclical nature of the
industry in which we operate; risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms or
delays in obtaining governmental approvals or in the completion of
development or construction activities; risks related to
environmental regulation and liability; political and regulatory
risks associated with mining and exploration; risks related to the
uncertain global economic environment; and risks associated with
the severity, duration and spread of the COVID-19 outbreak, as well
as actions that may be taken by governmental authorities to contain
COVID-19 or to treat its impact and the corresponding effects on
global commodity and financial markets; and other risks and
uncertainties related our prospects, properties and business
strategy.
Although we have attempted to identify important
factors that could cause actual results or events to differ
materially from those described in the forward-looking information,
readers are cautioned that this list is not exhaustive and there
may be other factors that we have not identified. Readers are
cautioned not to place undue reliance on forward-looking
information contained in this press release. Forward-looking
information is based upon our beliefs, estimates and opinions as at
the date of this press release, which we believe are reasonable,
but no assurance can be given that these will prove to be correct.
Furthermore, we undertake no obligation to update or revise
forward-looking information if these beliefs, estimates and
opinions or other circumstances should change, except as otherwise
required by applicable law.
All forward-looking information contained in
this press release is expressly qualified by this cautionary
note.
Mega Uranium (TSX:MGA)
Historical Stock Chart
From Nov 2024 to Dec 2024
Mega Uranium (TSX:MGA)
Historical Stock Chart
From Dec 2023 to Dec 2024