Jan. 6, 2011 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 01/06/11 -- Mega Uranium Ltd. (TSX: MGA) ("Mega")announces that on December 31, 2010, it acquired ownership of 10,000,000 common shares ("Common Shares") and 5,000,000 common share purchase warrants (the "Warrants") of Tournigan Energy Ltd ("Tournigan"). Each warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until December 30, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 7.5% of the total issued and outstanding common shares of Tournigan as of December 30, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Mega and its joint actors collectively held, as at December 30, 2010, an aggregate of 16,339,000 common shares of Tournigan, including the Common Shares and rights to acquire an additional 5,750,000 common shares of Tournigan upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Mega owns 13,750,000 common shares, including the Common Shares and the Warrants, directly. In the event that the Convertible Securities are fully exercised, the holdings of Mega and its joint actors represents a total of 22,089,000 common shares of Tournigan, or approximately 11.1% of all issued and outstanding common shares as at December 31, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Warrants are fully exercised, the direct holdings of Mega represents a total of 18,750,000 common shares of Tournigan, or approximately 9.4% of all issued and outstanding common shares as at December 31, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Mega or its joint actors could increase or decrease their investment in Tournigan depending on market conditions or any other relevant factor.
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.
Investor Relations: Mega Uranium Ltd.
Executive VP, Corporate Affairs