Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

August 14, 2007 08:00 ET

Mega Uranium Announces Closing of Nu Energy Acquisition

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that its previously announced acquisition of Nu Energy Uranium Corporation ("Nu") closed today. Nu is now a wholly-owned subsidiary of Mega.

Under the terms of the acquisition, former shareholders of Nu will receive two common shares of Mega in exchange for every three common shares of Nu held. Based upon the number of Nu common shares outstanding as at August 10, 2007 (and subject to rounding), an aggregate of approximately 19,848,542 common shares of Mega will be issued to former shareholders in exchange for their Nu common shares. Certificates evidencing the common shares of Mega to which the former registered shareholders of Nu are entitled will be mailed by Equity Transfer & Trust Company commencing on or about June 17, 2007.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Columbia, Bolivia and Canada. 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 the Ben Lomond, Lake Maitland and Maureen properties are subject to state policies which presently prohibit the mining of uranium in Australia.

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