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Uranium One Announces Definitive Agreement to Acquire Energy Metals Corporation
Uranium One Announces Definitive Agreement to Acquire Energy Metals Corporation.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbols: SXR - Toronto Stock Exchange, JSE Limited\n\n\n(Johannesburg Stock Exchange)\n\n\nEMC - Toronto Stock Exchange; EMU - NYSE Arca\n\n\nTORONTO, ON, VANCOUVER, BC and JOHANNESBURG, South Africa, June 4 /CNW/ -\nsxr Uranium One Inc. ("Uranium One") and Energy Metals Corporation ("EMC") are\npleased to announce that the two companies have signed a definitive agreement\nwhereby Uranium One will acquire all of the shares of EMC. The acquisition\nwill dramatically enhance Uranium One's asset portfolio in the United States\nand solidify the new Uranium One's ability to build a leading U.S. uranium\nproducer.\n\n\nUnder the terms of the agreement, EMC shareholders will receive\n1.15 common shares of Uranium One for each issued share of EMC, representing a\nvalue of C$19.12 per share based upon the closing price of Uranium One on the\nTSX on June 1, 2007. This represents a 28% premium to the 20 day volume\nweighted average trading prices of Uranium One's and EMC's shares on the TSX\nfor the period ending May 17, 2007, the day before EMC announced that it had\nentered into exclusive negotiations with respect to a potential sale of the\ncompany.\n\n\nThe acquisition of EMC is consistent with Uranium One's value-accretive\nexternal growth strategy and will consolidate Uranium One's position in the\nUnited States. On a pro forma basis, Uranium One will have:\n\n\n- a fully diluted market capitalization of US$7.8 billion and improved\n liquidity\n- a strong balance sheet with a combined cash balance of\n US$678 million (includes proceeds from in the money warrants and\n options)\n- a balanced and geographically diversified portfolio of reserves and\n resources\n- the second largest uranium reserve and resource base in the world in\n terms of publicly traded, pure play uranium companies\n- two producing mines and a pipeline of nine projects with the\n potential to deliver year-on-year growth in production out to 2013\n- a low cost production base with 70% of production from in situ\n recovery (ISR)\n- a combined uranium sales contract book that is unhedged and provides\n investors with significant exposure to any further uranium price\n increases\n- the most comprehensive ISR and conventional mining team with the\n capacity to deliver on the combined company's production growth\n profile\n\n\nCommenti...