Uranium One going-private transaction to close later
TORONTO (miningweekly.com) – Toronto- and Johannesburg-listed Uranium One on Thursday said the C$1.32-billion offer by Russia’s Atomredmetzoloto (ARMZ) to take it private, was now expected to close in the third quarter.
The transaction, which would help ARMZ consolidate control over its uranium assets, was initially expected to be completed in the second quarter of 2013.
Closure was subject to regulatory approvals in a number of jurisdictions, most of which had been received; and the last of which was now expected during the third quarter. Uranium One did not specify from which jurisdiction approval was outstanding.
In January, ARMZ, which owns 51.4% of Uranium One, offered minority shareholders C$2.86 a share. Uranium One shareholders approved the transaction on March 7, at a special meeting of common shareholders and option holders.
Uranium One reported a net loss for the first quarter ended March 31 of $9.5-million, or $0.01 a share, compared with net earnings of $4.5-million or $0.00 per share for the same period in 2012.
On March 25, Uranium One entered into a three year, unsecured revolving credit facility with its owner, ARMZ, for $1.45-billion. Drawn amounts bear interest at 3.3% a year. The proceeds of the loan would be used for initiatives currently being evaluated by the company to expand its business.
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