Transaction on the sale of 13.9% Mantra Resources Limited shares to Uranium One Inc. has been closed
As reported earlier, on December 15, 2010, Uranium One entered into an option agreement with ARMZ pursuant to which Uranium One has the right to acquire from ARMZ all of the outstanding shares of Mantra Resources Limited (“Mantra”) until June 7, 2012. The agreement was subsequently amended on March 21, 2011 to allow Uranium One to extend the term of the option to June 7, 2013 by partially exercising the option.
On January 16, 2012, Uranium One Inc. elected to partially exercise the option and pay $150 million to ARMZ in order to extend the option term to June 7, 2013 and to acquire 19,136,864 Mantra shares (representing approximately 13.9% of the outstanding share of Mantra), which acquisition was completed on March 15, 2012 following receipt of the necessary regulatory approvals.
Mantra’s core asset is the Mkuju River uranium project in Tanzania (the “Mkuju River Project”).
On June 7, 2011, when ARMZ acquired all of the outstanding shares of Mantra, Uranium One also became the operator of the Mkuju River Project pursuant to an operating agreement entered into by Uranium One with Mantra and ARMZ, and entered into a loan agreement with Mantra to fund the development of the Mkuju River Project."
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