| Wed 1 Aug 2007, 9:23 | | SXR - Uranium One - Energy Metals Securityholders |
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SXR
SXR
SXR - Uranium One - Energy Metals Securityholders Approve Arrangement with
Uranium One
sxr Uranium One Inc
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: SXR & ISIN: CA87112P1062
Share code on the TSX: SXR & ISIN: CA87112P1062
("Uranium One")
Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Energy Metals Corporation
Suite 1238, 200 Granville Street
Vancouver, British Columbia V6C 1S4
Trading Symbols: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg
Stock Exchange)
EMC - Toronto Stock Exchange; EMU - NYSE Arca
NEWS RELEASE
July 31, 2007
Energy Metals Securityholders Approve Arrangement with Uranium One
Toronto, Ontario; Vancouver, British Columbia; Johannesburg, South Africa -
Uranium One Inc. ("Uranium One") and Energy Metals Corporation ("EMC") are
pleased to announce today that the securityholders of EMC have voted
overwhelmingly to approve the proposed Plan of Arrangement with Uranium One.
The transaction was approved by 99.68% of the votes cast by shareholders and by
100% of the votes cast by optionholders, for approval by an aggregate of 99.73%
of EMC securityholders voting in person or by proxy at the meeting.
Under the terms of the Plan of Arrangement, EMC securityholders will receive
1.15 Uranium One common shares for each EMC common share, and 1.15 options to
acquire Uranium One common shares for each option to acquire EMC common shares,
held at the time of closing.
The acquisition of EMC by Uranium One has been cleared by the Committee on
Foreign Investments in the United States under the provisions of the Exon-Florio
Amendment to the Defense Production Act of 1950.
Paul Matysek, EMC President and CEO commented:
"Today`s vote reflects the strong support our securityholders have shown for
this transaction. By combining with Uranium One, EMC securityholders will gain
exposure to existing production and cash flow, while maintaining a significant
interest in our portfolio of near-term production visible projects in the United
States."
Neal, Froneman, President and CEO of Uranium One commented:
"We are extremely pleased to see this overwhelming approval for the transaction.
The addition of EMC`s assets to those of Uranium One will enhance Uranium One`s
status as a geographically diversified emerging senior uranium producer with an
unrivalled production growth profile."
An application to the Supreme Court of British Columbia for a final court order
approving the Plan of Arrangement is scheduled for August 3, 2007. The
transaction is expected to close on or about August 10, 2007.
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 70% of the operating
Akdala Uranium Mine in Kazakhstan and is also developing the South Inkai and
Kharasan Uranium Projects in Kazakhstan. Uranium One owns the Dominion Uranium
Project in South Africa, as well as the Honeymoon Uranium Project in South
Australia. The Corporation recently acquired the Shootaring Canyon Mill and
associated assets in the western United States. Uranium One is also engaged in
uranium exploration activities in the Athabasca Basin of Saskatchewan, South
Africa, Australia and the Kyrgyz Republic.
About Energy Metals Corporation
Energy Metals Corporation is a TSX and NYSE Arca listed company focused on
advancing its industry leading uranium property portfolio towards production in
what is the world`s largest uranium consumer market, the United States of
America. Energy Metals Corporation has extensive advanced property holdings in
Wyoming, Texas and New Mexico that are amenable to ISR (in-situ recovery). This
form of uranium mining was pioneered in Texas and Wyoming and utilizes
oxygenated groundwater to dissolve the uranium in place and pump it to the
surface through water wells. Energy Metals is currently development drilling
the La Palangana uranium deposit and upgrading the Hobson Uranium Processing
Plant in Texas for an anticipated 2008 production date. Energy Metals is also
actively advancing other significant uranium properties in the States of
Colorado, Utah, Nevada, Oregon and Arizona.
For further information, please contact:
Neal Froneman Paul Matysek, M.Sc., P. Geo.
Chief Executive Officer Chief Executive Officer
Uranium One Inc. Energy Metals Corporation
Tel: + 27 83 628-0226 Tel: + 1 604 684-9007
Chris Sattler William M. Sheriff, B.Sc.
Senior Vice President, Investor Relations Chairman
Uranium One Inc. Energy Metals Corporation
Tel: + 1 416 671-3341 Tel: + 1 972 333-2214
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Certain of the statements made herein, including any information as to the
timing and completion of the proposed transaction, the potential benefits
thereof, the future activities of and developments related to EMC and Uranium
One prior to the proposed transaction and the combined company after the
proposed transaction, market position, and future financial or operating
performance of Uranium One or EMC, are forward-looking and subject to important
risk factors and uncertainties, many of which are beyond the corporations`
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: uranium and gold 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; costs of production,
capital expenditures, costs and timing of construction and the development of
new deposits, success of exploration activities and permitting time lines;
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 either
corporation does or may carry out business in the future; risks of sovereign
investment; the speculative nature of uranium and gold exploration, development
and mining, 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 uranium and gold 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 the
section entitled "Risk factors" in Uranium One`s Annual Information Form for the
year ended December 31, 2006 which is available on SEDAR at www.sedar.com, and
the section entitled "Risk factors" in EMC`s Annual Information Form for the
year ended June 30, 2006 which is available on SEDAR at www.sedar.com and from
the SEC at www.sec.gov and which should be reviewed in conjunction with this
document. Accordingly, readers should not place undue reliance on forward-
looking statements. Neither corporation undertakes any 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, please visit www.uranium1.com. For
further information about Energy Metals, please visit www.energymetalscorp.com
Date: 01/08/2007 09:23:40 Produced by the JSE SENS Department.
