Mega Uranium Ltd. (TSX:MGA) and NexGen Energy Ltd. announced a definitive agreement, allowing NexGen to acquire the majority of Mega’s Canadian uranium projects in exchange for 16,406,815 common shares.

As quoted in the press release:

The Canadian Projects and NexGen’s Radio project will collectively represent one of the most promising uranium exploration portfolios in Canada, with projects in the uranium-prolific Athabasca Basin that include:

  • Radio: NexGen has an option to acquire a 70% interest in the Radio property, which is situated directly to the east of Rio Tinto Group’s Roughrider property. The Radio property covers interpreted eastern extensions of the E-W structure that hosts Roughrider, Roughrider Far East and Fission Energy Corp.’s J-zone. NexGen has recently secured drill permits for the Radio project and anticipates commencing drilling in Q1 2013.

Click here to read the Mega Uranium Ltd. (TSX:MGA) press release.