Mega Uranium Announces Further Investments In Toro Energy Ltd. And International Consolidated Uranium Inc.
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.
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.
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.
www.ferroalloynet.com
