Business
Uranium One Announces $50 Million Term Facility
Uranium One Announces $50 Million Term Facility.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange\n\nTORONTO, ON and JOHANNESBURG, SOUTH AFRICA, Aug. 30 /CNW/ - sxr Uranium\nOne Inc. announced today that its Uranium One Africa subsidiary has raised\nSouth African Rand 350 million (approximately US$50 million) on the security\nof its ordinary shares of Aflease Gold Limited pursuant to a futures-related\nterm facility entered into with Nedcor Securities of South Africa. The Nedcor\nfacility, which has a 12 month term, may be terminated or extended at any\ntime. Interest is payable by Uranium One Africa at the South African Rand rate\nof 9% per annum. During the term of the facility, Uranium One Africa continues\nto be entitled to vote its shares of Aflease Gold Limited and to receive the\nbenefit of any dividends and distributions paid on the shares.\nUranium One's Chief Executive Officer, Neal Froneman, commented:\n\"The Nedcor facility provides the Company with additional financial\nresources to continue with the development of its uranium assets, both at\nDominion in South Africa and at Honeymoon in Australia. It also illustrates\nthe financing flexibility available to us given our balance sheet and asset\nbase, something which will stand us in good stead as we move to uranium\nproduction in the first quarter of 2007.\"\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 Uranium Project\nin South Africa and the Honeymoon Uranium Project in South Australia, as well\nas a number of exploration projects. The Corporation holds a 75% interest in\nAflease Gold Limited, which owns the Modder East Gold Project in South Africa.\nThrough a joint venture with Pitchstone Exploration Ltd., the Corporation is\nalso engaged in uranium exploration activities in the Athabasca Basin of\nSaskatchewan.\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 certain \"forward-looking statements\" within\nthe meaning of the Private Securities Litigation Reform Act of 1995 and\n\"forward-looking information\" within the meaning of applicable...