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mega uranium and cts

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    Mega Uranium, the listed Toronto, Ontario-based uranium entity, may acquire more than one junior uranium company, said President Stewart Taylor.
    "We've got a shortlist of companies that we are looking at and we're looking worldwide," Taylor said. Companies that currently have properties with drill holes would be considered "advanced stage," he explained. In an ideal situation, Mega would like to acquire companies with advanced stage uranium projects and resources in countries in which it is currently operating, he said.
    With a market cap of CAD 588.5m (USD 596.4m), Mega currently has operations in Australia, Argentina, Bolivia, Colombia, Mongolia, Canada and Cameroon. It is focused on advancing its projects in Queensland and Western Australia. It has a total of 47m pounds of historical reserves in Australia.
    The company has cash and cash equivalents of CAD 88m (USD 89.1m). Taylor said Mega will go to the capital markets to fund its acquisitions. "Our previous acquisitions were done mainly through shares transactions. Our preferred way is through shares," he noted. The CAD 88m will be used for exploration and drilling purposes, he explained.
    The company is not actively seeking advisors but gets proposals from various sources, Taylor said. The company's corporate counsel in Australia is Minter Ellison.
    At the same time, Mega is looking to divest its base and precious metals assets, Taylor said. "Our focus is uranium. The other properties are not a priority. The time has come to look at them and decide what to do with them," he explained. Taylor said the company is in the early stages of this process and has not hired advisors for this purpose. He said the company would be open to proposals regarding this. Mega has interests in non-uranium properties including a copper-nickel project in Guinea, West Africa and several gold and base metal projects in Ontario, Canada and Brazil.

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