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Uranium One Inc. Shareholders Approve the Asset Swap with ARMZ Uranium Holding Co.
The majority of shareholders of the Canadian miner Uranium One Inc. at their meeting on August 31, 2010 in Vancouver (Canada) voted in favor of the asset swap transaction with JSC Atomredmetzoloto. As a result of the deal ARMZ will acquire at least 51% of Uranium One shares.
The transaction was approved by the holders of 91.99% shares of Uranium One Inc (excluding the shares owned by Atomredmetzoloto).
"Acquisition of a controlling stake in the company will allow ARMZ to make Uranium One a platform for global growth of its business, and will facilitate procurement of resources for the State Corporation Rosatom's large scale program of utility construction abroad, - said Atomredmetzoloto's Director General Vadim Zhivov.
Under the terms of the transaction ARMZ will increase its equity stake in Uranium One by purchasing new shares of Uranium One (356 mln ordinary shares). In consideration for such shares ARMZ will contribute its 50% interest in JV Akbastau, its 49.7% interest in JV Zarechnoye, and $610 million in cash. Upon completion of the transaction ARMZ will own at least a 51% interest in Uranium.
Closing is subject to regulatory approvals in a number of jurisdictions. Required regulatory approvals and consents are expected to be received no later than in Q4 of this year.