| Mon 30 Aug 2010, 12:00 | | UUU - Uranium One Inc - Uranium One Receives Kazakh MINT Approval |
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UUU - Uranium One Inc - Uranium One Receives Kazakh MINT Approval
for the ARMZ Transaction and for the Conversion of its 2015
Convertible Debentures
Uranium One Inc
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: UUU & ISIN: CA91701P1053
Share code on the TSX: UUU & ISIN: CA91701P1053
News Release
August 29, 2010
Uranium One Receives Kazakh MINT Approval for the ARMZ Transaction
and for the Conversion of its 2015 Convertible Debentures
Vancouver, British Columbia and Johannesburg, South Africa -
Uranium One Inc. today announced that the Kazakh Ministry of
Industry and New Technologies ("MINT") has formally approved the
Company`s purchase from JSC Atomredmetzoloto ("ARMZ") of ARMZ`s
interests in the Akbastau and Zarechnoye uranium mines.
In addition, Uranium One has received MINT approval for the
issuance of the common shares underlying the C$ 260,000,000
aggregate principal amount of convertible debentures issued by the
Company in March 2010.
As previously announced, as part of the Akbastau and Zarechnoye
transaction ARMZ will also contribute US$ 610 million in cash to
Uranium One, of which approximately US$ 479 million will be paid
directly to shareholders (other than ARMZ) as a change of control
premium after closing, by way of a special dividend of US$ 1.06 per
share.
The transaction remains subject to Uranium One shareholder
approval, including majority of minority approval, to be sought at
a special meeting of shareholders to be held on August 31, 2010 in
Vancouver, British Columbia.
Uranium One expects to close the transaction by the end of 2010,
subject to the receipt of the remaining required regulatory
approvals, including from the Kazakh Anti-Monopoly Commission, the
Australian Foreign Investment Review Board and the U.S. Committee
on Foreign Investment in the United States, which are expected to
be received in due course, and to the satisfaction of usual and
customary closing conditions.
About Uranium One
Uranium One is one of the world`s largest publicly traded uranium
producers with a globally diversified portfolio of assets located
in Kazakhstan, the United States, and Australia.
For further information, please contact:
Jean Nortier
Chief Executive Officer
Tel: +1 604 601 5642
Chris Sattler
Executive Vice President, Corporate Development and Investor
Relations
Tel: + 1 416 350 3657
Cautionary Statement
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Investors are advised to refer to independent technical reports
containing detailed information with respect to the material
properties of Uranium One. These technical reports are available
under the profiles of Uranium One Inc and UrAsia Energy Ltd. at
www.sedar.com. Those technical reports provide the date of each
resource or reserve estimate, details of the key assumptions,
methods and parameters used in the estimates, details of quality
and grade or quality of each resource or reserve and a general
discussion of the extent to which the estimate may be materially
affected by any known environmental, permitting, legal, taxation,
socio-political, marketing, or other relevant issues. The technical
reports also provide information with respect to data verification
in the estimation.
Forward-looking statements: This press release contains certain
forward-looking statements. Forward-looking statements include but
are not limited to those with respect to the price of uranium, the
estimation of mineral resources and reserves, the realization of
mineral reserve estimates, the timing and amount of estimated
future production, costs of production, capital expenditures, costs
and timing of the development of new deposits, success of
exploration activities, permitting time lines, currency
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, title disputes or claims and limitations on
insurance coverage and the timing and possible outcome of pending
litigation. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Uranium One to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such risks and uncertainties
include, among others, the completion of the transactions described
in this press release, the future steady state production and cash
costs of Uranium One, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, possible variations in
grade and ore densities or recovery rates, failure of plant,
equipment or processes to operate as anticipated, accidents, labour
disputes or other risks of the mining industry, delays in obtaining
government approvals or financing or in completion of development
or construction activities, risks relating to the integration of
acquisitions and the realization of synergies relating thereto, to
international operations, to prices of uranium as well as those
factors referred to in the section entitled "Risk Factors" in
Uranium One`s Annual Information Form for the year ended December
31, 2009 and Management Information Circular dated August 3, 2010,
each of which is available on SEDAR at www.sedar.com, and which
should be reviewed in conjunction with this document. Although
Uranium One has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Uranium One expressly disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except in accordance with applicable securities laws.
For further information about Uranium One, please visit
www.uranium1.com.
Sponsor
Nedbank Capital
30 August 2010
Date: 30/08/2010 12:00:01 Produced by the JSE SENS Department.
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