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Mega Uranium Closes Sale of Lake Maitland Uranium Project to Toro Energy for 415M Toro Shares

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Mega Uranium (OTC: MGAFF) is pleased to announce that it has closed the previously announced sale of its Lake Maitland Uranium Project ("Lake Maitland") in Western Australia to Toro Energy Limited (OTC: TOEYF) for 415 million fully paid ordinary shares in the capital of Toro (the "Transaction"), representing approximately 28% of the issued and outstanding shares of Toro. Toro is an Australian uranium company listed on the Australian Securities Exchange. Its flagship and wholly-owned Wiluna Project is located 30 km south-east of Wiluna in Central Western Australia and approximately 90 km north-west of Lake Maitland. With the acquisition of Lake Maitland, Toro represents one of the few development-stage uranium companies with permits in place over two of their key Western Australian assets (Centipede and Lake Way) and a pipeline of significant uranium resources, including Lake Maitland.Toro's intention is to complete feasibility studies (which will include Lake Maitland) over the short term, to work towards implementation of the Wiluna Project and to commence studies to optimise the inclusion of Lake Maitland within the overall Wiluna Project.As part of the closing of the Transaction, Toro obtained financial support from its major

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Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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