Mega Uranium Ltd (MGA)

[Starlost]

Now it's at 6 cents. I wonder how much lower this stock is going to go? Here is the last part from their financial statement from June 30, 2013. It seems like there is hope for a major turn around here:

17. Subsequent Event:

a) On July 11, 2013 Mega entered into a non-binding farm in and joint venture term sheet with Cameco Australia Pty Ltd (“Cameco”), a wholly owned subsidiary of Cameco Corporation (TSX:CCO, NYSE:CCJ), in respect of certain granted tenements and tenement applications that comprise Mega’s Kintyre Rocks project, located in the East Pilbara region of Western Australia (“Project”).

Mega and Cameco are working towards negotiating and entering into a formal binding farm in and joint venture agreement in respect of the Project (“Definitive Agreement”) wherein Cameco may earn an initial 51% interest in the Project by funding expenditures for exploration activities of AUD$2 million within 24 months from the date of the Definitive Agreement. Cameco may elect to earn an additional 19% interest in the Project (for an aggregate total interest of 70%) by funding expenditures for exploration activities of AUD$4 million (inclusive of the AUD$2 million expenditures to earn a 51% interest in the Project) within four years from the date of the Definitive Agreement.

b) On August 12, 2013, Mega that it entered into a binding term sheet with Toro Energy Limited (“Toro”), (ASX:TOE), to sell Lake Maitland to Toro for 415 million ordinary shares of Toro (the “Toro Transaction”). Upon completion of the Toro Transaction, Mega will own approximately 28% of the issued and outstanding common shares of Toro. The Toro Transaction is conditional upon the receipt of various approvals, including the approval of Toro shareholders, the Lake Maitland project partners not exercising any pre-emptive rights that they may have in connection with the Toro Transaction, and other customary closing conditions. Toro has agreed to grant Mega rights to appoint two nominees to the Toro board of directors for so long as Mega maintains a minimum of 22% interest in Toro. Mega has also agreed to a 12- month escrow of their Toro shares, with customary market exceptions, and to a standstill which limits Mega’s capacity to acquire further Toro shares within the next 2 years. It is anticipated that this Toro Transaction will close following a Toro shareholder meeting to be held in early October, 2013.

cheap @ .13
less than its equipment value
or so i have heard.

It's too bad the Rockgate deal fell through.