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SXR
SXR
Uranium One- News release: Uranium One Announces Completion of Public Offering
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
("Corporation")
SXR Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited
NEWS RELEASE
October 31, 2006
Toronto, Ontario
Not for distribution to U.S. news wire services or dissemination in the United
States.
Uranium One Announces Completion of Public Offering
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc.
("Uranium One") has today completed the public offering of 20,815,000 common
shares at a price of $8.30 per common share for gross proceeds of
Cdn$172,764,500. The entire offering was sold to a syndicate of underwriters
led by BMO Capital Markets on a bought deal basis. The common shares sold
include shares issued upon the exercise, at closing, of the entire 15% over-
allotment option granted by Uranium One to the underwriters. Uranium One
intends to use the net proceeds of the offering to finance the construction of
its Dominion and Honeymoon uranium mines, exploration, and general corporate
purposes.
The securities offered have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.
About sxr Uranium One
sxr 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 Corporation owns the Dominion Uranium Project in South Africa
and the Honeymoon Uranium Project in South Australia, and is actively pursuing
growth opportunities in the uranium sector in the western United States. The
Corporation holds an approximate 71% interest in Aflease Gold Limited, which
owns the Modder East gold project in South Africa. Through a 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:
Jean Nortier Chris Sattler
Chief Financial Officer Vice President, Investor Relations
Tel: + 27 11 482 3605 Tel: + 1 416 350 3657
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of
the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian legislation,
concerning the business, operations and financial performance and condition of
Uranium One. Forward-looking statements include, but are not limited to, the
completion of the proposed offering; the use of proceeds from the offering;
the members of the syndicate for the offering; the development potential of
Uranium One"s properties; the future price of uranium and gold; the estimation
of mineral reserves and resources; the realization of mineral reserve
estimates; the timing and amount of estimated future production; costs of
production; capital expenditures; success of exploration activities;
permitting time lines and permitting, mining or processing issues; currency
exchange rate fluctuations; government regulation of mining operations;
environmental risks; unanticipated reclamation expenses; title disputes or
claims; and limitations on insurance coverage. Generally, these forward-
looking statements can be identified by the use of forward-looking terminology
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 are
based on the opinions and estimates of management as of the date such
statements are made, and they are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Uranium One to be materially
different from those expressed or implied by such forward looking statements,
including but not limited to risks related to: unexpected events during
construction, expansion and start-up; variations in ore grade, tonnes mined,
crushed or milled; delay or failure to receive board or government approvals;
timing and availability of external financing on acceptable terms; the
businesses of Uranium One not being integrated successfully or such
integration proving more difficult, time consuming or costly than expected;
risks related to international operations; actual results of current
exploration activities; actual results of current reclamation activities;
conclusions of economic valuations; changes in project parameters as plans
continue to be refined; future prices of uranium and gold; possible variations
in ore reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and other
risks of the mining industry; delays in the completion of development or
construction activities, as well as those factors discussed in or referred to
in the current annual Management"s Discussion and Analysis and current Annual
Information Form of Uranium One filed with the securities regulatory
authorities in Canada and available at www.sedar.com. Although management of
Uranium One have attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
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 does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in accordance
with applicable securities laws.
Date: 31/10/2006 04:32:14 PM Produced by the JSE SENS Department
