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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Mega Uranium To Restate Financial Statements

Toronto, Canada (December 14, 2018) -- Mega Uranium Ltd. (TSX: MGA) announces that it will be restating its audited annual financial statements for the year ended September 30, 2017 (the “2017 Annual Statements”) and its interim financial statements for the first three quarters of the 2016, 2017 and 2018 financial years (the “Interim Statements”).  The restatements are all due to deferred tax accounting errors that were identified during the preparation and audit of the company’s annual financial statements for the 2018 financial year.

The incorrect tax rate was applied when calculating the unrealized gain on one of the company’s investments, net of taxes, in the 2017 Annual Statements. Additionally, the company did not record deferred income tax recovery in respect of the investment on a quarterly basis in the Interim Statements. The adjustments to be made to all of the financial statements are quantitatively but not qualitatively material and impact non-cash items.

The 2017 Annual Statements will be restated in the company’s audited annual consolidated financial statements for the year ended September 30, 2018, which will be filed on SEDAR under Mega’s issuer profile prior to the end of December. It is also anticipated that the restated Interim Statements (and related Management’s Discussion & Analysis) will be filed prior to the calendar year end. The company will be undertaking a review of its processes and procedures relating to tax accounting in light of the restatements.

The adjustments to the financial statements are set out below and are estimates. The final adjustments that are made as part of the restated financial statements may differ from the estimates. All financial information is reported in thousands of Canadian dollars, except for per share amounts.

Quarterly Restatements

As at and for the three months ended December 31, 2015

Statement of Financial Position –
December 31, 2015
As previously
reported

($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 2,355 (306) 2,049
Deficit (323,024) 306 (322,718)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended December 31, 2015
     
Deferred tax recovery nil 306 306
Net (loss) income for the period (1,468) 306 (1,162)
Change in fair value of long-term investment, net of tax 2,308 (306) 2,002
Total comprehensive income for the period 920 nil 920
Basic and diluted (loss) income per share (0.01) 0.00 (0.00)
       
Statement of Cash Flows - three months ended December 31, 2015      
Net income (loss) for the period (1,468) 306 (1,162)
Deferred income tax recovery nil (306) (306)
 

As at and for the three and six months ended March 31, 2016

Statement of Financial Position –
March 31, 2016
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 22,590 (3,002) 19,588
Deficit (323,178) 3,002 (320,176)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended March 31, 2016
     
Deferred tax recovery nil 2,696 2,696
Net income (loss) for the period (331) 2,696 2,365
Change in fair value of long-term investment, net of tax 20,345 (2,696) 17,649
Total comprehensive income for the period 20,004 nil 20,004
Basic and diluted income (loss) per share (0.00) 0.01 0.01
       
Statement of (Loss) Income and Comprehensive
(Loss) Income - six months ended March 31, 2016
     
Deferred tax recovery nil 3,002 3,002
Net income (loss) for the period (1,799) 3,002 1,203
Change in fair value of long-term investment, net of tax 22,653 (3,002) 19,651
Total comprehensive income for the period 20,924 nil 20,924
Basic and diluted income (loss) per share (0.01) 0.01 0.00
       
Statement of Cash Flows - six months ended March 31, 2016      
Net income (loss) for the period (1,799) 3,002 1,203
Deferred income tax recovery nil (3,002) (3,002)
 

Three and Nine Months Ended June 30, 2016

Statement of Financial Position –
June 30, 2016
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 38,745 (5,184) 33,561
Deficit (325,229) 5,184 (320,045)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended June 30, 2016
     
Deferred tax recovery nil 2,182 2,182
Net income (loss) for the period (2,207) 2,182 (25)
Change in fair value of long-term investment, net of tax 16,469 (2,182) 14,287
Total comprehensive income for the period 14,183 nil 14,183
Basic and diluted income (loss) per share (0.01) 0.01 (0.00)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income - nine months ended June 30, 2016
     
Deferred tax recovery nil 5,184 5,184
Net income (loss) for the period (4,006) 5,184 1,178
Change in fair value of long-term investment, net of tax 39,122 (5,184) 33,938
Total comprehensive income for the period 35,107 nil 35,107
Basic and diluted income (loss) per share (0.01) 0.02 0.00
       
Statement of Cash Flows - six months ended June 30, 2016      
Net income (loss) for the period (4,006) 5,184 1,178
Deferred income tax recovery nil (5,184) (5,184)
 

As at and for the three months ended December 31, 2016

Statement of Financial Position –
December 31, 2016
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 31,392 (847) 30,545
Deficit (305,898) 847 (305,051)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended December 31, 2016
     
Deferred tax recovery nil 847 847
Net income (loss) for the period (1,258) 847 (411)
Change in fair value of long-term investment, net of tax 6,394 (847) 5,547
Total comprehensive income for the period 5,112 nil 5,112
Basic and diluted income (loss) per share (0.00) 0.00 (0.00)
       
Statement of Cash Flows – three months ended December 31, 2016      
Net income (loss) for the period (1,258) 847 (411)
Deferred income tax recovery nil (847) (847)
 

Three and Six Months Ended March 31, 2017

Statement of Financial Position –
March 31, 2017
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 46,929 (2,901) 44,028
Deficit (306,191) 2,901 (303,290)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended March 31, 2017
     
Deferred tax recovery nil 2,054 2,054
Net income (loss) for the period (293) 2,054 1,761
Change in fair value of long-term investment, net of tax 15,501 (2,054) 13,447
Total comprehensive income for the period 15,244 nil 15,244
Basic and diluted income (loss) per share (0.00) 0.01 0.01
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – six months ended March 31, 2017
     
Deferred tax recovery nil 2,901 2,901
Net income (loss) for the period (1,551) 2,901 1,350
Change in fair value of long-term investment, net of tax 21,895 (2,901) 18,994
Total comprehensive income for the period 20,356 nil 20,356
Basic and diluted income (loss) per share (0.01) 0.01 0.00
       
Statement of Cash Flows – six months ended March 31, 2017      
Net income (loss) for the period (1,551) 2,901 1,350
Deferred income tax recovery nil (2,901) (2,901)
 

Three and Nine Months Ended June 30, 2017

Statement of Financial Position –
June 30, 2017
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 41,097 (2,131) 38,966
Deficit (308,194) 2,131 (306,063)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended June 30, 2017
     
Deferred tax recovery nil (770) (770)
Net income (loss) for the period (2,003) (770) (2,773)
Change in fair value of long-term investment, net of tax (5,812) 770 (5,042)
Total comprehensive income for the period (7,835) nil (7,835)
Basic and diluted income (loss) per share (0.01) (0.00) (0.01)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – nine months ended June 30, 2017
     
Deferred tax recovery nil 2,131 2,131
Net income (loss) for the period (3,554) 2,131 (1,423)
Change in fair value of long-term investment, net of tax 16,083 (2,131) 13,952
Total comprehensive income for the period 12,521 nil 12,521
Basic and diluted income (loss) per share (0.01) 0.01 (0.00)
       
Statement of Cash Flows – nine months ended June 30, 2017      
Net income (loss) for the period (3,554) 2,131 (1,423)
Deferred income tax recovery nil (2,131) (2,131)
 

As at and for the three months ended December 31, 2017

Statement of Financial Position –
December 31, 2017
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 44,633 (1,130) 43,503
Deficit (305,346) 1,130 (304,216)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended December 31, 2017
     
Deferred tax recovery nil 1,130 1,130
Net income (loss) for the period (828) 1,130 302
Change in fair value of long-term investment, net of tax 8,525 (1,130) 7,395
Total comprehensive income for the period 7,697 nil 7,697
Basic and diluted income (loss) per share (0.00) 0.00 0.00
       
Statement of Cash Flows – three months ended December 31, 2017      
Net income (loss) for the period (828) 1,130 302
Deferred income tax recovery nil (1,130) (1,130)
 

Three and Six Months Ended March 31, 2018

Statement of Financial Position –
March 31, 2018
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 25,458 1,412 26,870
Deficit (306,712) (1,412) (308,124)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended March 31, 2018
     
Deferred tax recovery nil (2,542) (2,542)
Net income (loss) for the period (1,366) (2,542) (3,908)
Change in fair value of long-term investment, net of tax (19,182) 2,542 (16,640)
Total comprehensive income for the period (20,541) nil  (20,541)
Basic and diluted income (loss) per share (0.00) (0.01) (0.01)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – six months ended March 31, 2018
     
Deferred tax recovery nil  (1,412) (1,412)
Net income (loss) for the period (2,194) (1,412) (3,606)
Change in fair value of long-term investment, net of tax (10,657) 1,412 (9,245)
Total comprehensive income for the period (12,844) nil  (12,844)
Basic and diluted income (loss) per share (0.01) (0.00) (0.01)
       
Statement of Cash Flows – six months ended March 31, 2018      
Net income (loss) for the period (2,194) (1,412) (3,606)
Deferred income tax recovery nil 1,412 1,412
 

Three and Nine Months Ended June 30, 2018

Statement of Financial Position –
June 30, 2018
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 29,331 899 30,230
Deficit (312,011) (899) (312,910)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – three months ended June 30, 2018
     
Deferred tax recovery nil  513 513
Net income (loss) for the period (5,299) 513 (4,786)
Change in fair value of long-term investment, net of tax 3,875 (513) 3,362
Total comprehensive income for the period (1,426) nil (1,426)
Basic and diluted income (loss) per share (0.02) 0.00 (0.02)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – nine months ended June 30, 2018
     
Deferred tax recovery nil  (899) (899)
Net income (loss) for the period (7,493) (899) (8,392)
Change in fair value of long-term investment, net of tax (6,782) 899 (5,883)
Total comprehensive income for the period (14,270) nil (14,270)
Basic and diluted income (loss) per share (0.03) (0.00) (0.03)
       
Statement of Cash Flows – nine months ended June 30, 2018      
Net income (loss) for the period (7,493) (899) (8,392)
Deferred income tax recovery nil 899 899
 

September 30, 2017 Year End Restatement

As at and for the year ended September 30, 2017

Statement of Financial Position –
September 30, 2017
As previously
reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 36,108 2,002 38,110
Deficit (304,518) (2,002) (306,520)
       
Statement of (Loss) Income and Comprehensive
(Loss) Income – year ended September 30, 2017
     
Deferred tax recovery 4,005 (2,002) 2,003
Net income (loss) for the year 386 (2,002) (1,616)
Change in fair value of long-term investment, net of tax 11,109 2,002 13,111
Total comprehensive income for the year 11,472 nil 11,472
Basic and diluted income (loss) per share 0.00 (0.01) (0.01)
       
Statement of Cash Flows – year ended September 30, 2017      
Net income (loss) for the year 386 (2,002) (1,616)
Deferred income tax recovery (4,005) 2,002 (2,003)
 

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