| Mon 23 Apr 2007, 8:20 | | SXR - sxr Uranium One Inc. - Uranium One Completes |
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SXR
SXR
SXR - sxr Uranium One Inc. - Uranium One Completes Acquisition of UrAsia Energy
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
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg Stock
Exchange)
NEWS RELEASE
April 20, 2007
Uranium One Completes Acquisition of UrAsia Energy
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
("Uranium One") is pleased to report that it has completed the acquisition of
all of the issued and outstanding common shares of UrAsia Energy Ltd.
("UrAsia"). Each common share of UrAsia has been exchanged for 0.45 of a common
share of Uranium One.
The board of directors of Uranium One now comprises Ian Telfer as non-executive
Chairman and Andrew Adams, David Hodgson, Phillip Shirvington, Terry Rosenberg,
Mark Wheatley and Kenneth Williamson as non-executive directors. Neal Froneman,
Uranium One`s President and Chief Executive Officer, will remain an executive
director. Terry MacGibbon has resigned as a director of Uranium One.
A new Board Operations Review Committee has been formed to oversee the execution
of Uranium One`s operating and development assets in Kazakhstan, South Africa
and Australia. Phillip Shirvington is the Chairman and Neal Froneman, David
Hodgson and Mark Wheatley also serve on this committee.
In addition to changes at the board, several changes to the senior executive
management team of the Corporation have been made. Robin Merrifield, previously
Chief Financial Officer of UrAsia, will become Executive Vice President and
Chief Financial Officer of Uranium One. Jean Nortier, previously Executive Vice
President and Chief Financial Officer of Uranium One will move to the newly
created position of Executive Vice President, Corporate Affairs.
"We are very pleased to have completed this transaction and believe that the new
Uranium One will be the pre-eminent growth company in the uranium sector," said
Ian Telfer, Chairman of Uranium One. "On behalf of the board, I would like to
express our appreciation to all those involved in this transaction, and in
particular to the outgoing directors for their past service and dedication to
each of UrAsia and Uranium One."
Neal Froneman, President and Chief Executive Officer of Uranium One commented:
"With the completion of this company transforming event, we have created a
globally diversified, low cost uranium producer that we believe represents a
compelling opportunity for investors. Through the continued execution of our
development and growth plans for our existing assets, as well as through
potential additional acquisition opportunities, we believe further significant
value will be created for our shareholders over the near and long-term."
The transaction will not result in an effective change of control of Uranium
One.
Effective the close of business today, UrAsia has ceased trading on the TSX
Venture Exchange. Delisting of the shares from the TSX Venture Exchange is
expected to occur on April 23, 2007.
As disclosed in the Notice of Special General Meeting and Management Information
Circular to UrAsia shareholders dated March 9, 2007, the common shares of UrAsia
will be canceled from trading on the Alternative Investment Market of the London
Stock Exchange effective April 30, 2007.
In order to provide continued liquidity for the Corporation`s European
shareholder base, Uranium One is now proceeding with an application to the
United Kingdom Listing Authority for a secondary listing on the London Stock
Exchange.
About Uranium One
Uranium One Inc. is a Canadian-based uranium producing 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 Akdala Uranium Mine
in Kazakhstan and the Dominion Reefs Uranium Mine in South Africa, both of which
are currently in operation. Uranium One is also developing the South Inkai and
Kharassan Uranium Projects in Kazakhstan, as well as the Honeymoon Uranium
Project in South Australia. The Corporation continues to pursue additional
growth opportunities in the United States. Uranium One is also engaged in
uranium exploration activities in the Athabasca Basin of Saskatchewan as well as
in Kyrgyzstan.
For further information, please contact:
Neal Froneman Chris Sattler
Chief Executive Officer Vice President, Investor Relations
Tel: + 27 83 628 0226 Tel: + 1 416 350 3657
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, Kazakhstan 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: 23/04/2007 08:20:32 Produced by the JSE SENS Department.
