Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
M5B 1M4

Phone 416.643.7630
Fax 416.941.1090
 

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2017 News Releases

Mega Uranium Restates 2016 Comparative Financial Information

Toronto, Canada (December 21, 2017) -- Mega Uranium Ltd. (TSX: MGA) announces that it has restated certain 2016 comparative financial information (the “Comparative Statements”) in the company’s audited consolidated financial statements for the year ended September 30, 2017, which were filed today on SEDAR under Mega’s profile (www.sedar.com).  The restatement relates to the accounting of Mega’s equity-accounted investment in Toro Energy Limited, arising from differences in the accounting policies of the two entities.

During its financial year ended September 30, 2016, Mega changed its accounting policy for mineral properties and deferred exploration expenditures from capitalizing the costs to recognizing them in the consolidated statement of income and comprehensive income.  During the period, Toro continued to capitalize its own mineral properties and deferred exploration costs but Mega did not make applicable adjustments to reconcile the newly-differing accounting policies when it accounted for its investment in Toro.

The Comparative Statements have been restated to correct the error and the changes to the applicable statements are set out below.  All financial information is reported in thousands of Canadian dollars, except for per share amounts.

The impact on the consolidated statement of financial position as at October 1, 2015 is as follows:

 

                                                                        As previously

                                                                             reported              Adjustment         As restated

 

STATEMENT OF FINANCIAL POSITION

   Equity investment                                                $27,761                    $(9,274)                         $18,487

   Total non?current assets                                      41,043                      (9,274)                           31,769

   Total assets                                                       43,403                       (9,274)                           34,129

   Deficit                                                               (296,407)                  (9,274)                            (305,681)

   Total equity                                                       41,671                       (9,274)                            32,397

   Total equity and liabilities                                   43,403                       (9,274)                               34,129

 

The impact of this change on the consolidated financial statement as at and for the year ended September 30, 2016 is as follows:

 

                                                                             As previously

                                                                                  reported         Adjustment     As restated

 

STATEMENT OF FINANCIAL POSITION

   Equity investment                                                     $16,953                  $(264)                         $16,689

   Total non?current assets                                           55,612                    (264)                           55,348

   Total assets                                                             57,214                    (264)                           56,950

   Deficit                                                                     (304,684)                    (264)                       (304,948)

   Total equity                                                              57,017                    (264)                           56,753

   Total equity and liabilities                                          57,214                    (264)                           56,950

STATEMENT OF INCOME AND COMPREHENSIVE INCOME

   Loss on equity investment                                        $(10,202)                 $9,003                         $(1,199)

   Loss on deemed disposition of equity investment         (15)                          7                                  (8)

   Net (loss) income for the year                                    (8,280)                   9,010                             730

   Total comprehensive income for the year                     14,821                   9,010                           23,831

   Basic and diluted (loss) income per share                    (0.03)                     0.03                               0.00

STATEMENT OF CASH FLOWS

   Net (loss) income for the year                                   $(8,280)                 $9,010                              $730

   Loss on equity investment                                         10,202                 (9,003)                             1,199

   Loss on deemed disposition of equity investment          15                         (7)                                    8

 

ABOUT MEGA URANIUM

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:

Investor Relations                                                                        
Mega Uranium Ltd.                                                 
Richard Patricio                                                      
Chief Executive Officer                               
T: (416) 643-7630                                                   
info@megauranium.com
www.megauranium.com