Toronto,Canada (February 5, 2016) - Mega Uranium Ltd. (MGA: TSX) announces that its board of directors has approved a newby-law establishing a framework for advance notice of nominations ofdirectors by the company's shareholders. The by-lawreflects current corporate governance practices and is similar to the advancenotice by-laws adopted by many Canadian public companies.
The new by-law contains advance notice provisions fornominations of directors by shareholders in circumstances other than pursuantto a requisition of a meeting or a shareholder proposal made pursuant to theprovisions of the Business CorporationsAct (Ontario).
Among other things, the advance notice provisions fix a deadlineby which shareholders must submit director nominations to the company prior toan annual or special meeting of shareholders and set out the information that ashareholder must include in the notice to the company.
In the case of an annual meeting of shareholders, notice to thecompany must be provided not less than 30 days prior to the date of the annualmeeting; provided that if the annual meeting is called for a date that is lessthan 50 days after the date on which the first public announcement of the dateof the annual meeting was made, notice may be made not later than the close ofbusiness on the 10th day following the public announcement.
Inthe case of a special meeting of shareholders (which is not also an annualmeeting but has been called for the purpose of electing directors, among otherpurposes, if applicable), notice to the company must be provided no later thanthe close of business on the 15th day following the day on which thefirst public announcement of the date of the special meeting was made.
Theadvance notice provisions are intended to provide a clear process forshareholders to follow for director nominations and set out a reasonable timeframe for the submissions of nominees and the accompanying information. Theprovisions will help to ensure that all shareholders receive adequate notice ofthe nominations to be considered at a meeting and can thereby exercise theirvoting rights in an informed manner. The provisions are similar to the advancenotice by-laws adopted by many other Canadian public companies.
The new by-law is effective immediately but is subject toconfirmation by our shareholders at the annual and special shareholder meetingto be held on March 31, 2016. The full text of the new by-law is availableunder the company's profile at www.sedar.com.
ABOUT MEGA URANIUMMega Uranium Ltd. is aToronto-based mineral resources company with a focus on uranium properties inAustralia and Canada. Further information on Mega can be found on the company'swebsite at www.megauranium.com.
Forfurther information please contact:
InvestorRelationsMega Uranium Ltd.Richard PatricioChief Executive OfficerT: (416) 643-7630info@megauranium.comwww.megauranium.com