| Tue 10 Apr 2007, 7:45 | | SXR - sxr Uranium One Inc - UrAsia Energy Sharehol |
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SXR
SXR
SXR - sxr Uranium One Inc - UrAsia Energy Shareholders Vote 99.89% in Favour of
Acquisition by Uranium One
sxr Uranium One Inc
(Formerly Southern Cross Resources Inc.)
(Incorporated in Canada)
(Registration number: 15096422420
Share code on the JSE: SXR & ISIN: CA87112P1062
Share code on the TSX: SXR & ISIN: CA87112P1062
April 10, 2007
UrAsia Energy Shareholders Vote 99.89% in Favour of Acquisition by Uranium One
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
("Uranium One") is pleased to announce that the plan of arrangement under which
Uranium One will acquire all of the outstanding common shares of UrAsia Energy
("UrAsia") was overwhelmingly approved at a meeting of UrAsia shareholders held
today in Vancouver, British Columbia. At the meeting, approximately 99.89% of
the votes cast were voted in favour of the arrangement. Under the terms of the
arrangement, UrAsia shareholders will receive 0.45 of a Uranium One share for
each UrAsia share.
Uranium One`s President and CEO Neal Froneman commented:
"This will be a win-win transaction for both sets of shareholders, and we are
delighted that the UrAsia shareholders have given their backing to the
combination. The new Uranium One will be a globally diversified, low cost
uranium producer with combined conventional and ISL mining expertise that will
position us well to continue to create value for our shareholders."
An application to the Supreme Court of British Columbia for a final court order
approving the arrangement is scheduled for April 12, 2007. Closing is expected
to occur in mid-April, subject to the receipt of all required regulatory
approvals and the closing conditions described in more detail in UrAsia`s
management information circular dated March 9, 2007.
About Uranium One
Uranium One Inc. is a Canadian uranium and gold resource company with a primary
listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited
(the Johannesburg stock exchange). The Corporation owns the Dominion Reefs
Uranium Mine in South Africa and the Honeymoon Uranium Project in South
Australia, and is actively pursuing growth opportunities in the uranium sector
in the United States and Central Asia. The Corporation holds a majority interest
in Aflease Gold Limited, which owns the Modder East Gold Project in South
Africa. Through a 50/50 joint venture with Pitchstone Exploration Ltd., the
Corporation is also engaged in uranium exploration activities in the Athabasca
Basin of Saskatchewan.
For further information, please contact:
Neal Froneman Chris Sattler
Chief Executive Officer Vice President, Investor Relations
Tel: + 27 83 628 0226 Tel: + 1 416 671 3341
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward-looking statements: Certain of the statements made herein, including any
information as to the Corporation`s future financial or operating performance,
may be forward-looking and subject to important risk factors and uncertainties,
many of which are beyond the Corporation`s ability to control or predict.
Forward-looking statements are necessarily based on a number of estimates and
assumptions that are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-
looking statements. Such factors include, among others: gold and uranium price
volatility; impact of any hedging activities, including margin limits and margin
calls; discrepancies between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated metallurgical
recoveries; changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in Canada, the
United States, South Africa, Australia or other countries in which the
Corporation does or may carry on business in the future; risks of sovereign
investment; the speculative nature of gold and uranium exploration and
development, including the risks of obtaining necessary licenses and permits;
dilution; competition; loss of key employees; additional funding requirements;
and defective title to mineral claims or property. In addition, there are risks
and hazards associated with the business of gold and uranium exploration,
development and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion
losses (and the risk of inadequate insurance or inability to obtain insurance,
to cover these risks), as well as the factors described or referred to in
reports filed by the Corporation with the Canadian securities administrators.
Accordingly, readers should not place undue reliance on forward-looking
statements. The Corporation undertakes no obligation to update publicly or
release any revisions to forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence of
unanticipated events.
For further information about Uranium One or UrAsia, please visit
www.uranium1.com or www.urasiaenergy.com
Date: 10/04/2007 07:45:00 Produced by the JSE SENS Department.
