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Mega Uranium Ltd.

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Mega Uranium To Restate Financial Statements

TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Mega Uranium Ltd. (TSX: MGA) announces that it will be restating its audited annual financial statements for the year ended September 30, 2017 (the “2017 Annual Statements”) and its interim financial statements for the first three quarters of the 2016, 2017 and 2018 financial years (the “Interim Statements”).  The restatements are all due to deferred tax accounting errors that were identified during the preparation and audit of the company’s annual financial statements for the 2018 financial year.

The incorrect tax rate was applied when calculating the unrealized gain on one of the company’s investments, net of taxes, in the 2017 Annual Statements. Additionally, the company did not record deferred income tax recovery in respect of the investment on a quarterly basis in the Interim Statements.  The adjustments to be made to all of the financial statements are quantitatively but not qualitatively material and impact non-cash items.

The 2017 Annual Statements will be restated in the company’s audited annual consolidated financial statements for the year ended September 30, 2018, which will be filed on SEDAR under Mega’s issuer profile prior to the end of December. It is also anticipated that the restated Interim Statements (and related Management’s Discussion & Analysis) will be filed prior to the calendar year end. The company will be undertaking a review of its processes and procedures relating to tax accounting in light of the restatements.

The adjustments to the financial statements are set out below and are estimates. The final adjustments that are made as part of the restated financial statements may differ from the estimates. All financial information is reported in thousands of Canadian dollars, except for per share amounts.

Quarterly Restatements

As at and for the three months ended December 31, 2015

Statement of Financial Position –
December 31, 2015
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income2,355 (306)2,049 
Deficit(323,024)306 (322,718)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended December 31, 2015   
Deferred tax recoverynil 306 306 
Net (loss) income for the period(1,468)306 (1,162)
Change in fair value of long-term investment, net of tax2,308 (306)2,002 
Total comprehensive income for the period920 nil 920 
Basic and diluted (loss) income per share(0.01)0.00 (0.00)
    
Statement of Cash Flows - three months ended December 31, 2015   
Net income (loss) for the period(1,468)306 (1,162)
Deferred income tax recoverynil (306)(306)
      

As at and for the three and six months ended March 31, 2016

Statement of Financial Position –
March 31, 2016
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income22,590 (3,002)19,588 
Deficit(323,178)3,002 (320,176)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended March 31, 2016   
Deferred tax recoverynil 2,696 2,696 
Net income (loss) for the period(331)2,696 2,365 
Change in fair value of long-term investment, net of tax20,345 (2,696)17,649 
Total comprehensive income for the period20,004 nil 20,004 
Basic and diluted income (loss) per share(0.00)0.01 0.01 
    
Statement of (Loss) Income and Comprehensive (Loss) Income - six months ended March 31, 2016   
Deferred tax recoverynil 3,002 3,002 
Net income (loss) for the period(1,799)3,002 1,203 
Change in fair value of long-term investment, net of tax22,653 (3,002)19,651 
Total comprehensive income for the period20,924 nil 20,924 
Basic and diluted income (loss) per share(0.01)0.01 0.00 
    
Statement of Cash Flows - six months ended March 31, 2016   
Net income (loss) for the period(1,799)3,002 1,203 
Deferred income tax recoverynil (3,002)(3,002)
      

Three and Nine Months Ended June 30, 2016

Statement of Financial Position –
June 30, 2016
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income38,745 (5,184)33,561 
Deficit(325,229)5,184 (320,045)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended June 30, 2016   
Deferred tax recoverynil 2,182 2,182 
Net income (loss) for the period(2,207)2,182 (25)
Change in fair value of long-term investment, net of tax16,469 (2,182)14,287 
Total comprehensive income for the period14,183 nil 14,183 
Basic and diluted income (loss) per share(0.01)0.01 (0.00)
    
Statement of (Loss) Income and Comprehensive (Loss) Income - nine months ended June 30, 2016   
Deferred tax recoverynil 5,184 5,184 
Net income (loss) for the period(4,006)5,184 1,178 
Change in fair value of long-term investment, net of tax39,122 (5,184)33,938 
Total comprehensive income for the period35,107 nil 35,107 
Basic and diluted income (loss) per share(0.01)0.02 0.00 
    
Statement of Cash Flows - six months ended June 30, 2016   
Net income (loss) for the period(4,006)5,184 1,178 
Deferred income tax recoverynil (5,184)(5,184)
      

As at and for the three months ended December 31, 2016

Statement of Financial Position –
December 31, 2016
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income31,392 (847)30,545 
Deficit(305,898)847 (305,051)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended December 31, 2016   
Deferred tax recoverynil 847 847 
Net income (loss) for the period(1,258)847 (411)
Change in fair value of long-term investment, net of tax6,394 (847)5,547 
Total comprehensive income for the period5,112 nil 5,112 
Basic and diluted income (loss) per share(0.00)0.00 (0.00)
    
Statement of Cash Flows – three months ended December 31, 2016   
Net income (loss) for the period(1,258)847 (411)
Deferred income tax recoverynil (847)(847)
      

Three and Six Months Ended March 31, 2017

Statement of Financial Position –
March 31, 2017
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income46,929 (2,901)44,028 
Deficit(306,191)2,901 (303,290)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended March 31, 2017   
Deferred tax recoverynil 2,054 2,054 
Net income (loss) for the period(293)2,054 1,761 
Change in fair value of long-term investment, net of tax15,501 (2,054)13,447 
Total comprehensive income for the period15,244 nil 15,244 
Basic and diluted income (loss) per share(0.00)0.01 0.01 
    
Statement of (Loss) Income and Comprehensive (Loss) Income – six months ended March 31, 2017   
Deferred tax recoverynil 2,901 2,901 
Net income (loss) for the period(1,551)2,901 1,350 
Change in fair value of long-term investment, net of tax21,895 (2,901)18,994 
Total comprehensive income for the period20,356 nil 20,356 
Basic and diluted income (loss) per share(0.01)0.01 0.00 
    
Statement of Cash Flows – six months ended March 31, 2017   
Net income (loss) for the period(1,551)2,901 1,350 
Deferred income tax recoverynil (2,901)(2,901)
      

Three and Nine Months Ended June 30, 2017

Statement of Financial Position –
June 30, 2017
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income41,097 (2,131)38,966 
Deficit(308,194)2,131 (306,063)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended June 30, 2017   
Deferred tax recoverynil (770)(770)
Net income (loss) for the period(2,003)(770)(2,773)
Change in fair value of long-term investment, net of tax(5,812)770 (5,042)
Total comprehensive income for the period(7,835)nil (7,835)
Basic and diluted income (loss) per share(0.01)(0.00)(0.01)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – nine months ended June 30, 2017   
Deferred tax recoverynil 2,131 2,131 
Net income (loss) for the period(3,554)2,131 (1,423)
Change in fair value of long-term investment, net of tax16,083 (2,131)13,952 
Total comprehensive income for the period12,521 nil 12,521 
Basic and diluted income (loss) per share(0.01)0.01 (0.00)
    
Statement of Cash Flows – nine months ended June 30, 2017   
Net income (loss) for the period(3,554)2,131 (1,423)
Deferred income tax recoverynil (2,131)(2,131)
      

As at and for the three months ended December 31, 2017

Statement of Financial Position – December 31, 2017As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income44,633 (1,130)43,503 
Deficit(305,346)1,130 (304,216)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended December 31, 2017   
Deferred tax recoverynil 1,130 1,130 
Net income (loss) for the period(828)1,130 302 
Change in fair value of long-term investment, net of tax8,525 (1,130)7,395 
Total comprehensive income for the period7,697 nil 7,697 
Basic and diluted income (loss) per share(0.00)0.00 0.00 
    
Statement of Cash Flows – three months ended December 31, 2017   
Net income (loss) for the period(828)1,130 302 
Deferred income tax recoverynil (1,130)(1,130)
      

Three and Six Months Ended March 31, 2018

Statement of Financial Position –
March 31, 2018
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income25,458 1,412 26,870 
Deficit(306,712)(1,412)(308,124)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended March 31, 2018   
Deferred tax recoverynil (2,542)(2,542)
Net income (loss) for the period(1,366)(2,542)(3,908)
Change in fair value of long-term investment, net of tax(19,182)2,542 (16,640)
Total comprehensive income for the period(20,541)nil (20,541)
Basic and diluted income (loss) per share(0.00)(0.01)(0.01)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – six months ended March 31, 2018   
Deferred tax recoverynil (1,412)(1,412)
Net income (loss) for the period(2,194)(1,412)(3,606)
Change in fair value of long-term investment, net of tax(10,657)1,412 (9,245)
Total comprehensive income for the period(12,844)nil (12,844)
Basic and diluted income (loss) per share(0.01)(0.00)(0.01)
    
Statement of Cash Flows – six months ended March 31, 2018   
Net income (loss) for the period(2,194)(1,412)(3,606)
Deferred income tax recoverynil 1,412 1,412 
      

Three and Nine Months Ended June 30, 2018

Statement of Financial Position –
June 30, 2018
As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income29,331 899 30,230 
Deficit(312,011)(899)(312,910)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – three months ended June 30, 2018   
Deferred tax recoverynil 513 513 
Net income (loss) for the period(5,299)513 (4,786)
Change in fair value of long-term investment, net of tax3,875 (513)3,362 
Total comprehensive income for the period(1,426)nil (1,426)
Basic and diluted income (loss) per share(0.02)0.00 (0.02)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – nine months ended June 30, 2018   
Deferred tax recoverynil (899)(899)
Net income (loss) for the period(7,493)(899)(8,392)
Change in fair value of long-term investment, net of tax(6,782)899 (5,883)
Total comprehensive income for the period(14,270)nil (14,270)
Basic and diluted income (loss) per share(0.03)(0.00)(0.03)
    
Statement of Cash Flows – nine months ended June 30, 2018   
Net income (loss) for the period(7,493)(899)(8,392)
Deferred income tax recoverynil 899 899 
      

September 30, 2017 Year End Restatement

As at and for the year ended September 30, 2017

Statement of Financial Position – September 30, 2017As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income36,108 2,002 38,110 
Deficit(304,518)(2,002)(306,520)
    
Statement of (Loss) Income and Comprehensive (Loss) Income – year ended September 30, 2017   
Deferred tax recovery4,005 (2,002)2,003 
Net income (loss) for the year386 (2,002)(1,616)
Change in fair value of long-term investment, net of tax11,109 2,002 13,111 
Total comprehensive income for the year11,472 nil 11,472 
Basic and diluted income (loss) per share0.00 (0.01)(0.01)
    
Statement of Cash Flows – year ended September 30, 2017   
Net income (loss) for the year386 (2,002)(1,616)
Deferred income tax recovery(4,005)2,002 (2,003)
       

ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada and a portfolio of equity investments in uranium-focused public and private companies. Further information on Mega can be found on the company’s website at www.megauranium.com

For further information please contact:

Investor Relations
Mega Uranium Ltd.
Richard Patricio
Chief Executive Officer
T: (416) 643-7630
info@megauranium.com
www.megauranium.com

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