MEGA URANIUM During the quarter, Mega’s wholly owned subsidiary, Mega Georgetown Pty. Ltd. (“Mega Georgetown”), entered into a binding Letter Agreement with Glengarry Resources Ltd. (“Glengarry”) to acquire its uranium interests in 1921 km2 of ground located in Queensland, Australia, approximately midway between Mega’s Ben Lomond and Georgetown Projects. Under the Agreement, the uranium interests were acquired for a total consideration of 750,000 Mega shares, which are subject to a four month escrow period. In addition, Glengarry will receive a 1% net smelter royalty (“NSR”) on any uranium production from the ground that is subject to the Agreement.
MANTLE MINING Glengarry was allocated 3,000,000 shares in Mantle Mining Corporation Limited which listed on the ASX in November 2006. The shares (which equate to some 6.5% of Mantle Mining) are in consideration for the Charters Towers Project which was acquired by Mantle.
GGY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
