Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

May 06, 2008 08:00 ET

Mega Uranium Announces Closing of Energentia Resources Acquisition

TORONTO, ONTARIO--(Marketwire - May 6, 2008) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that its acquisition of Energentia Resources Inc. ("Energentia") closed today. Energentia is now a wholly-owned subsidiary of Mega.

Under the terms of the acquisition, former shareholders of Energentia will receive one common share of Mega in exchange for every ten common shares of Energentia held. Based upon the number of Energentia common shares outstanding as at May 5, 2008 (and subject to rounding), an aggregate of approximately 7,208,300 common shares of Mega will be issued to former shareholders in exchange for their Energentia common shares. Certificates evidencing the common shares of Mega to which the former registered shareholders of Energentia are entitled will be mailed by Equity Transfer & Trust Company commencing on or about May 8, 2008.

Outstanding Energentia stock options and warrants have been assumed by Mega and, upon the exercise of the securities in accordance with their terms, the holders thereof will receive common shares of Mega in lieu of Energentia common shares, on the basis of one Mega common share for every ten common shares of Energentia holders would have otherwise been entitled to receive.

About Mega Uranium

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Bolivia, Colombia, Mongolia and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Australian uranium properties, including without limitation Ben Lomond, Maureen and Lake Maitland, are subject to State policies which presently prohibit the mining of uranium.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is not limited to, statements about the proposed acquisition of Energentia by Mega, the continuation of its business following completion of the acquisition and our expectations regarding Energentia's properties and the Columbian region generally.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to: the possibility that the necessary shareholder and regulatory approvals will not be obtained in a timely manner or at all, and that other conditions to completion of the acquisition will not be satisfied; and risks related to the inherent uncertainty of mineral exploration and development activities generally, including political and regulatory risks.

Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

All forward-looking information contained in this release is expressly qualified by this cautionary note.

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