Mega Uranium Ltd. (TSX:MGA) and NexGen Energy Ltd. announced a letter of intent whereby NexGen will acquire the majority of Mega’s Canadian uranium projects.
As quoted in the press release:
NexGen holds an option over the Radio Uranium Property, which is directly adjacent to and covers the interpreted eastern extension of the E-W structure that hosts Roughrider, Roughrider Far East and Fission Energy’s J-zone. Together, the combined projects will represent one of the most promising uranium exploration portfolios in Canada. In connection with the sale of the Canadian Projects, Mega will also enter into a structured financing agreement with NexGen to provide approximately $4.2 million for exploration programs on the combined project portfolio. Following the completion of the transaction, Mega will focus its Canadian exploration efforts on its projects in the Central Mineral Belt in Labrador.