MEGA PRECIOUS METALS INC. ANNOUNCES APPLICATION TO EXTEND WARRANTS
Thunder Bay, Ontario
October 15, 2009 Shares Issued: 35,333,972
Mega Precious Metals Inc. (MGP: TSX-V) (“Mega”) announces that it has made an application to the TSX Venture Exchange to extend the expiry date of outstanding warrants exercisable to purchase an aggregate of 6,500,000 common shares of Mega originally issued in connection with two private placements of subscription receipts, and outstanding warrants to purchase an aggregate of 1,375,000 common shares of Mega originally issued in connection with a private placement of flow-through units of Mega. The private placements were first announced on September 18, 2007.
The first private placement of subscription receipts was a brokered private placement pursuant to which warrants (the "First Placement Warrants") to purchase an aggregate of 4,250,000 common shares of Mega at an exercise price of $1.50 per common share until November 2009 were issued upon the subsequent exchange of such subscription receipts. The second private placement of subscription receipts was a non-brokered private placement pursuant to which warrants (the "Second Placement Warrants") to purchase an aggregate of 2,250,000 common shares of Mega at an exercise price of $1.50 per common share until November 2009 were issued upon the subsequent exchange of such subscription receipts. The private placement of flow-through units was a non-brokered private placement pursuant to which warrants to purchase an aggregate of 1,375,000 common shares (the "January Placement Warrants") at an exercise price of $1.60 per common share until January 29, 2010 were issued.
Mega has requested that the TSX Venture Exchange extend the expiry term of the First Placement Warrants, the Second Placement Warrants and the January Placement Warrants to November 2, 2010.
No warrants issued to agents in connection with their services in respect of the private placements will be amended.
Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Nunavut and the Yukon. The Company is committed to an accelerated growth strategy and is backed by a team of experienced mining experts and a strong financial position. The Company is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega’s common shares trade on the TSX Venture Exchange under the symbol MGP.
For further information and presentation material, please review the Mega website at www.megapmi.com
For further information, please contact:
Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive Officer
807-766-3380
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as "may", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable.The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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