BWN may now own 14% MGA news release
Brownstone adds 450,000 Mega shares, warrants
2006-04-24 18:25 ET - News Release
Also News Release (C-MGA) Mega Uranium Ltd
Mr. Sheldon Inwentash of Brownstone reports
BROWNSTONE ACQUIRES COMMON SHARES OF MEGA URANIUM LTD.
Brownstone Ventures Inc. on April 21, 2006, acquired ownership of 450,000 shares of Mega Uranium Ltd. and 225,000 share purchase warrants (each warrant entitling the holder thereof to acquire one additional common share at an exercise price of $12.00 until Oct. 21, 2007). In the event that the warrants are fully exercised, these holdings represent approximately 1.5 per cent of the total issued and outstanding common shares of Mega as of April 21, 2006, calculated on a partially diluted basis assuming the exercise of warrants only. As a result of this transaction, Brownstone and its joint actors held, as at April 21, 2006, a total of 5,235,863 common shares of Mega and rights to acquire a total of 1.9 million common shares of Mega upon exercise of convertible securities, including the 225,000 warrants. Of these totals, Brownstone holds 3,435,863 common shares directly and the 225,000 warrants, which represents 7.6 per cent of Mega's outstanding common shares as of April 21, 2006, calculated on a partially diluted basis assuming the exercise of the warrants only. If Brownstone and its joint actors were to exercise all of these convertible securities, their combined ownership would represent a total of 7,135,863 common shares of Mega, or approximately 14.3 per cent of such shares outstanding as of April 21, 2006, calculated on a partially diluted basis assuming the exercise of the convertible securities only.
These transactions were made for investment purposes and Brownstone and each of its joint actors could increase or decrease their respective investments in Mega depending on market conditions or any other relevant factor.