Business
Uranium One Announces African Company Status
Uranium One Announces African Company Status.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock\nExchange\n\nTORONTO and JOHANNESBURG, South Africa, Aug. 31 /CNW/ - sxr Uranium One\nInc. (\"Uranium One\") announced today that the South African Reserve Bank\n(SARB) has confirmed the Corporation's status as an \"African Company\" as\noutlined in Section H.(C) (viii) of the Exchange Control Rulings. African\nCompany status enables qualifying South African institutions (those funds with\nan approved offshore investment capacity) to hold an additional 5% of their\nportfolios in Uranium One shares to their normal entitlement under South\nAfrican exchange controls.\nThe South African Reserve Bank has also announced that qualifying\ninstitutions are the only South African institutions which will be permitted\nto hold Uranium One shares after December 19, 2006. The qualifying\ninstitutions include all retirement funds, collective investment scheme\nmanagement companies (unit trusts) and long-term insurers.\nPrivate individuals who are South African residents will be unaffected by\nthis decision, and will continue to be able to hold and trade in Uranium One\nshares through the facilities of the Johannesburg Stock Exchange.\nNeal Froneman, CEO of Uranium One, commented:\n\"I am pleased that the South African Reserve Bank has agreed to confirm\nthe African Company status of Uranium One. This means that qualifying South\nAfrican institutions can expand their investment in Uranium One above the\ntraditional ceiling.\"\n\nAbout sxr Uranium One\n\nsxr Uranium One Inc. is a Canadian uranium and gold resource company with\na primary listing on the Toronto Stock Exchange and a secondary listing on the\nJohannesburg Stock Exchange. The Corporation owns the Dominion Reefs Uranium\nMine in South Africa and the Honeymoon Uranium Project in South Australia, as\nwell as a number of exploration projects. The Corporation holds a 75% interest\nin Aflease Gold Limited, which owns the Modder East gold project in South\nAfrica. Through a joint venture with Pitchstone Exploration Ltd., the\nCorporation is also engaged in uranium exploration activities in the Athabasca\nBasin of Saskatchewan.\n\nCautionary Statement\n\nNo stock exchange, securities commission or other regulatory authority\nhas approved or disapproved the information contained herein.\n\nThis News Release includes c...