On December 15, 2009, Uranium One Inc. announced that, following receipt of all required governmental and regulatory approvals, the company had closed in escrow the acquisition of a 50% interest in the Karatau Uranium Mine in Kazakhstan from JSC Atomredmetzoloto ("ARMZ"), the Russian state-owned uranium mining company. In connection with the closing, Uranium One issued 117 million common shares to ARMZ, representing a 19.9% ownership interest in the common shares of the Company, as well as a US$90 million promissory note due not later than 12 months from closing. The purchase agreement also provides for a contingent payment to ARMZ of up to US$60 million, payable in three equal tranches over the period 2010 to 2012 subject to certain post-closing tax-related adjustments. Uranium One is one of the world's largest publicly traded uranium producers, with a globally diversified portfolio of assets located in Kazakhstan, the United States, South Africa and Australia. Uranium One was advised in this transaction by a team from Fasken Martineau that included, among others, John Turner, Gregory Ho Yuen, John Elias, Andrew Gabrielson, Bozidar Crnatovic, Krisztian Toth and Jeff Hergott (corporate/securities) and Huy Do (competition).