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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.

/EIN News/ -- 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 income 2,355   (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 recovery nil   306   306  
Net (loss) income for the period (1,468 ) 306   (1,162 )
Change in fair value of long-term investment, net of tax 2,308   (306 ) 2,002  
Total comprehensive income for the period 920   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 recovery nil   (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 income 22,590   (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 recovery nil   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 tax 20,345   (2,696 ) 17,649  
Total comprehensive income for the period 20,004   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 recovery nil   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 tax 22,653   (3,002 ) 19,651  
Total comprehensive income for the period 20,924   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 recovery nil   (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 income 38,745   (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 recovery nil   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 tax 16,469   (2,182 ) 14,287  
Total comprehensive income for the period 14,183   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 recovery nil   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 tax 39,122   (5,184 ) 33,938  
Total comprehensive income for the period 35,107   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 recovery nil   (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 income 31,392   (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 recovery nil   847   847  
Net income (loss) for the period (1,258 ) 847   (411 )
Change in fair value of long-term investment, net of tax 6,394   (847 ) 5,547  
Total comprehensive income for the period 5,112   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 recovery nil   (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 income 46,929   (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 recovery nil   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 tax 15,501   (2,054 ) 13,447  
Total comprehensive income for the period 15,244   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 recovery nil   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 tax 21,895   (2,901 ) 18,994  
Total comprehensive income for the period 20,356   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 recovery nil   (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 income 41,097   (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 recovery nil   (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 recovery nil   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 tax 16,083   (2,131 ) 13,952  
Total comprehensive income for the period 12,521   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 recovery nil   (2,131 ) (2,131 )
           

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

Statement of Financial Position – December 31, 2017 As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 44,633   (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 recovery nil   1,130   1,130  
Net income (loss) for the period (828 ) 1,130   302  
Change in fair value of long-term investment, net of tax 8,525   (1,130 ) 7,395  
Total comprehensive income for the period 7,697   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 recovery nil   (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 income 25,458   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 recovery nil   (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 recovery nil   (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 recovery nil   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 income 29,331   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 recovery nil   513   513  
Net income (loss) for the period (5,299 ) 513   (4,786 )
Change in fair value of long-term investment, net of tax 3,875   (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 recovery nil   (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 recovery nil   899   899  
           

September 30, 2017 Year End Restatement

As at and for the year ended September 30, 2017

Statement of Financial Position – September 30, 2017 As previously reported
($)
Adjustment
($)
As restated
($)
Accumulated other comprehensive income 36,108   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 recovery 4,005   (2,002 ) 2,003  
Net income (loss) for the year 386   (2,002 ) (1,616 )
Change in fair value of long-term investment, net of tax 11,109   2,002   13,111  
Total comprehensive income for the year 11,472   nil   11,472  
Basic and diluted income (loss) per share 0.00   (0.01 ) (0.01 )
       
Statement of Cash Flows – year ended September 30, 2017      
Net income (loss) for the year 386   (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

Mega Uranium Ltd..png


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