Mega Uranium Ltd. Proposes Private Placement

TORONTO, ONTARIO--(Marketwired - May 15, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mega Uranium Ltd. (TSX:MGA) ("Mega" or the "Company") announces today that it is proposing to complete a non-brokered private placement to sell up to 25,000,000 units (the " Units") at a price of $0.09 per Unit, for aggregate gross proceeds of up to $2,250,000 (the "Financing").

Each Unit will consist of one common share and one half of one common share purchase warrant of Mega (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of Mega at a price of $0.14, for a period of 18 months following the closing date. The securities issued under the Financing will be subject to a four month hold period in accordance with applicable Canadian securities laws.

Mega may pay a commission (in cash and/or securities) to agents that arrange for the sale of Units. Up to 15% of the Financing may be purchased by insiders of Mega. The Financing may close in one or more tranches. Completion of the Financing is subject to certain conditions, including the approval of the Toronto Stock Exchange.

The proceeds from the sale of the Units will be used for general working capital.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada. Further information on Mega can be found on the company's website at www.megauranium.com.