Cameco Announces Closing of Agreement with Kyrgyz Government ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)
– By Abby Gessner –
Cameco Corporation has announced the closing of the agreement that Cameco and Centerra Gold Inc. signed with the Kyrgyz government that is described in Cameco's April 24, 2009 news release.
As previously announced, the agreement resolves all outstanding issues with respect to the Kumtor gold mine and is expected to further align the parties' business interests and provide additional certainty for continuing operations and future development of the project.
All the conditions to closing have now been satisfied, including parliamentary approval, the execution of binding project agreements, regulatory approvals and the termination of all proceedings in the Kyrgyz courts and in international arbitration with respect to the Kumtor mine.
As part of the closing, Centerra issued from treasury 18.2 million common shares of Centerra to the government of the Kyrgyz Republic, which brings Centerra's total issued and outstanding shares to 234.7 million. As well, Cameco has agreed to transfer to the government between 14.1 and 25.3 million common shares of Centerra, which are to be released to the government upon satisfaction of certain conditions. Until that time, Cameco retains voting control over approximately 52.7% of the issued and outstanding shares of Centerra and will continue to fully consolidate the financial results of the company.