2006 News Releases
Mega Expresses Intention to Move to Compulsory Acquisition of Remaining Hindmarsh Shares and Options
Toronto, Ontario, Canada, April 24, 2006 – Mega Uranium Ltd. (MGA-TSX-V) announces that ACN 118 331 650 Pty Ltd, Mega’s wholly owned subsidiary (“Mega”), having acquired a relevant interest in more than 90% of the ordinary shares issued and outstanding of Hindmarsh Resources Limited (“Hindmarsh”), intends to move to acquire the remainder of those ordinary shares by compulsory acquisition soon after the close of the takeover offer period (see below). As this will result in Mega owning 100% of Hindmarsh's shares, Mega also intends to de-list Hindmarsh from the Australian Stock Exchange.
As at close of trading on April 21, 2006, Mega also held acceptances for 87.01% of Hindmarsh's listed options and 100% of all three classes of Hindmarsh's unlisted options. Mega also announces that, once it has compulsorily acquired the remainder of Hindmarsh's ordinary shares, it intends to move to compulsorily acquire any options that remain outstanding after the close of the takeover offer period.
The takeover offers made by Mega for Hindmarsh shares and options will remain open until 5.00pm, Brisbane time on April 21, 2006.
As explained in Mega’s press release dated January 10, 2006, through this acquisition, Mega will obtain interests in extensive tenements over large tracts of prospective uranium ground in South Australia and the Northern Territory – the two jurisdictions of Australia with significant uranium discovery potential where uranium mine development is permitted. In addition, Mega will acquire Hindmarsh’s geological team and current cash reserves of approximately A$2.5 million.
Mega Uranium Ltd. is a Toronto–based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, and Canada. Further information on Mega can be found on the company’s website at www.megauranium.com
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Mega’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Mega Uranium disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630