Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

April 19, 2010 08:45 ET

Mega Uranium Announces Adjustments to Warrants

TORONTO, ONTARIO--(Marketwire - April 19, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Mega Uranium Ltd. (TSX:MGA) ("Mega") announces that certain of the terms of its outstanding common share purchase warrants have been adjusted effective April 17, 2010, as a result of the dividend-in-kind that was declared on Mega's common shares on April 7, 2010 (which is payable on April 26, 2010 to shareholders of record at the close of business on April 16, 2010).

The dividend-in-kind constitutes an event under the anti-dilution provisions of the warrants which requires adjustments to the exercise prices of and the number of common shares of Mega issuable under the warrants. The adjustments are as follows:

2007 Series I warrants expiring February 12, 2012 (TSX:MGA.WT):
 
  Original Adjusted
Exercise price per share $6.00 $5.45
Number of shares per warrant 1.00 1.10(1)
 
 
2007 Series II warrants expiring February 22, 2012 (unlisted):
 
  Original Adjusted
Exercise price per share $7.90 $7.17
Number of shares per warrant 1.00 1.10(1)
 
 
2007 Series III warrants expiring June 6, 2012 (TSX:MGA.WT.A):
 
  Original Adjusted
Exercise price per share $7.00 $6.35
Number of shares per warrant 1.00 1.10(1)
 
 
2009 Series I warrants expiring October 26, 2014 (TSX:MGA.WT.B):
 
  Original Adjusted
Exercise price per share $1.25 $1.13
Acceleration price per share $2.27 $2.27
Number of shares per warrant 1.00 1.11(1)

(1) Notwithstanding the adjustments made to the number of common shares issuable upon exercise of the warrants, no fractional shares are issuable under the terms of the warrants. Warrant holders should refer to the specific terms of their warrants.

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with interests in uranium properties in Australia, Canada and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium.

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