TORONTO, Nov. 23, 2018 (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Mega Uranium Ltd. (MGA:TSX) announces that it has granted an option (the “Option”) to purchase its royalty on the Langer Heinrich uranium project in Namibia (the “Royalty”) to Uranium Royalty Corporation (“URC”). URC issued common shares to Mega in payment of the $375,000 purchase price of the Option.
URC may exercise the Option and acquire the Royalty for a price of $1,625,000, payable in cash and/or common shares of URC (at URC’s discretion, but only if URC’s shares are publicly-traded at the time of exercise). The Option is exercisable for a period of three years.
The Royalty is AUS$0.12 for each kilogram of yellowcake (U308) produced and sold from the Langer Heinrich property by certain subsidiaries of Paladin Energy Ltd and was acquired by Mega in 2006 as part of its acquisition of Redport Limited.
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.
Chief Executive Officer and President
T: (416) 643-7630