THUNDER BAY, ONTARIO--(Marketwired - Jun 22, 2015) - Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega" or the "Company") is pleased to announce that it has completed its previously announced plan of arrangement (the "Arrangement") with Yamana Gold Inc. ("Yamana"). Under the Arrangement, Yamana has acquired all of the outstanding common shares of Mega (the "Mega Shares") for consideration of 0.02092 of a common share of Yamana and C$0.001 in cash per Mega Share. The Mega Shares are expected to be de-listed from the TSX Venture Exchange as soon as practicable.

Under the Arrangement, each option to acquire a Mega Share (an "Option") outstanding immediately prior to the effective time of the Arrangement, whether vested or not, was exchanged for a fully-vested option to acquire from Yamana that number of Yamana Shares equal to the product of: (A) the number of Mega Shares subject to the Option immediately before the effective time of the Arrangement, and (B) the sum of (i) 0.02092 and (ii) the quotient (expressed to four decimal places) obtained when $0.001 is divided by the closing trading price of the Yamana Shares on the Toronto Stock Exchange on the last trading day immediately preceding the effective date of the Arrangement.

Under the Arrangement, each holder of a warrant (a "Warrant") of Mega outstanding immediately prior to the effective time of the Arrangement will receive upon the subsequent exercise or conversion of such holder's Warrant(s) following the effective time of the Arrangement, and shall accept upon such exercise or conversion, consideration of 0.02092 of a Yamana Share and $0.001 in cash for each Mega Share such holder was otherwise entitled to receive under the Warrant.

Mega Precious Metals Inc. is a leading Canadian-based exploration company with a high quality pipeline of projects located in the mining friendly jurisdictions of Manitoba, Northwestern Ontario and Nunavut. The Company's significant portfolio includes the flagship Monument Bay Gold Tungsten Project in NE Manitoba as well as the N. Madsen Gold Project in the prolific gold mining district of Red Lake, Ontario. Mega has established a record of delivering rapid growth through their focused and low cost approach to exploration and resource development. The Company's common shares trade on the TSX Venture Exchange under the symbol MGP.