Uranium One Shareholders Approve ARMZ Transaction

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VANCOUVER and JOHANNESBURG, South Africa, Aug. 31 /CNW/ - Uranium One Inc. today announced that the purchase from JSC Atomredmetzolo ("ARMZ") of ARMZ's interests in the Akbastau and Zarechnoye uranium mines was approved at a meeting of Uranium One shareholders held today in Vancouver, British Columbia.


At the meeting, approximately 95.05% of the votes cast were voted in favour of the transaction. In addition, approximately 91.99% of the votes cast by shareholders other than ARMZ and its affiliates were voted in favour of the transaction.


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.


Uranium One expects to close the transaction by the end of 2010, subject to receipt of remaining required regulatory approvals, including from the Kazakh Anti-Monopoly Commission, the Australian Foreign Investment Review Board and U.S. Committee on Foreign Investment in the United States, which are expected to be received in due course, and to the satisfaction of other usual and customary closing conditions.





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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.