| Thu 25 Nov 2010, 9:08 | | UUU - Uranium One Inc - Uranium One Receives Final Approval to Close ARMZ |
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UUU - Uranium One Inc - Uranium One Receives Final Approval to Close ARMZ
Transaction
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
November 24, 2010
Uranium One Receives Final Approval to Close ARMZ Transaction
Vancouver, British Columbia and Johannesburg, South Africa - Uranium One Inc.
("Uranium One") is pleased to announce that it has received U.S. Nuclear
Regulatory Commission approval to close its transaction with JSC
Atomredmetzoloto ("ARMZ"). Uranium One now has all regulatory approvals
required for closing.
The Company will now proceed to complete the initial closing of the transaction,
comprising the issuance of 178,127,165 new common shares of Uranium One to ARMZ
in return for US$610 million in cash. The record and payment dates for the
special dividend of US$1.06 will be fixed and disclosed when the initial closing
is completed.
The final stage of closing, comprising the acquisition of ARMZ`s interest in the
Akbastau and Zarechnoye mines in return for an additional 178,127,164 new common
shares of Uranium One, will occur prior to the end of December.
As previously announced, on June 8, 2010 Uranium One entered into a definitive
purchase and subscription agreement with ARMZ under which Uranium One would
acquire ARMZ`s 50% interest in the Akbastau Uranium Mine and its 49.67% interest
in the Zarechnoye Uranium Mine, both located in Kazakhstan, and ARMZ would also
contribute US$610 million in cash to Uranium One in return for 356 million new
common shares of Uranium One.
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.
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
25 November 2010
Date: 25/11/2010 09:08:20 Produced by the JSE SENS Department.
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