By Sheri Kasprzak
New York, April 11 - Mega Uranium Ltd. has increased to C$29.75 million its previously announced C$17 million non-brokered private placement.
The deal now includes at least 3.5 million units at C$8.50.
The units are comprised of one share and one half-share warrant, with each whole warrant exercisable at C$12.00 each for 18 months.
The deal priced on April 6 as a C$17 million offering of 2 million units.
The price per unit is a 19.43% discount to the company's C$10.55 closing stock price on April 5 and the warrant strike price is a 13.7% premium to the same closing stock price.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$16.00 for more than 20 consecutive trading days.
Proceeds will be used for exploration on the company's properties and for general corporate purposes.
Based in Toronto, Mega is a uranium exploration company focused on properties in Australia, Argentina, Mongolia and Canada.
| Issuer: | Mega Uranium Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$29.75 million (minimum)
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| Units: | 3.5 million (minimum)
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| Price: | C$8.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$12.00
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| Placement agent: | Non-brokered
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| Pricing date: | April 6
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| Upsized: | April 11
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| Stock symbol: | TSX Venture: MGA
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| Stock price: | C$9.48 at close April 6
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| Stock price: | C$9.85 at close April 11
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