OREANDA-NEWS. September 15, 2010. During the meeting held on August 31, 2010 in Vancouver (Canada) the shareholders of Uranium One Inc, a Canadian uranium mining company, by majority vote approved of the asset swap deal with Atomredmetzoloto OJSC, due to which ARMZ Uranium Holding will consolidate on its balance at least 51% of Uranium One shares.

The transaction was supported by holders of 91.99% Uranium One Inc shares (without considering the block of shares of Atomredmetzoloto OJSC).

“Consolidation of a controlling block of shares will turn Uranium One into a platform for global development of ARMZ Uranium Holding business and will contribute to the raw securing of the large scale program of Rosatom State Corporation on NPP construction abroad,” General Director of Atomredmetzoloto OJSC Vadim Zhivov said. Under the transaction terms ARMZ Uranium Holding is to increase its stake in Uranium One capital by means of buying out of the additional issue of Uranium One (356 million equity shares). As payment for this stock Atomredmetzoloto OJSC is to contribute 50% of Akbastau JV JSC shares, 49.7% of Zarechnoye JV JSC shares as well as 610 million dollars of cash assets. After closing, the share of ARMZ Uranium Holding in the joint stock of Uranium One Inc. shall be not less than 51%.

To close the transaction it is necessary to get approval of regulatory bodies of several countries. It is expected to receive the required permits and approvals not later than by the 4th quarter of this year.