Skip to main content
PLEASE NOTE: For everyone’s safety, Fasken requires anyone on-site at our Canadian and Johannesburg offices to provide proof of full vaccination against COVID-19. This applies to lawyers, staff, clients, service providers and other visitors.
Client Work

Uranium One enters into option agreement to acquire Mantra Resources from ARMZ, valuing Mantra at A$1.2 billion

Reading Time 1 minute read Subscribe



Uranium One

On December 15, 2010, Uranium One Inc. and JSC Atomredmetzoloto ("ARMZ") announced that ARMZ had entered into a definitive agreement to acquire all of the issued shares of Mantra Resources Limited pursuant to an Australian Scheme of Arrangement. Mantra's core asset is the world-class Mkuju River Project in Tanzania which is nearing the completion of a definitive feasibility study. Concurrently with the execution of the Scheme, ARMZ and Uranium One have entered into a definitive put/call option agreement pursuant to which Uranium One has the right to acquire from ARMZ, and ARMZ has the right to sell to Uranium One, all of the Mantra shares for consideration equal to ARMZ's acquisition cost plus certain additional expenditures. The transaction values Mantra at approximately A$1.2 billion and is expected to close during Q2 2011. Fasken Martineau is counsel to Uranium One in this proposed transaction with a team that includes John Turner, Gregory Ho Yuen, Bruce Blain, John Elias and Bo Crnatovic (corporate/securities). Dimitri Cavvadas and Sarah Lafleur of Fasken Martineau's Johannesburg office, assisted by Mutoba Mpinga, led on due diligence of the Mkuju River Project.



    Receive email updates from our team