French group swallows UraMin

French-based multinational energy company Areva’s bid for UraMin announced in mid-July has received endorsement from 92.93% UraMin shareholders.

With more than 90% of the target company secured, Areva announced late last month that it had issued a notice to UraMin requiring UraMin to redeem the remaining shares not held by Areva, which was to happen almost immediately to complete the takeover.

UraMin has submitted a request to AIM for the cancellation of the trading of its shares, which is subject to a minimum 20 business day notice period. The last day of trading in UraMin shares on AIM is expected to be September 3.

It is expected that UraMin will also request that its Shares be de-listed from trading on the Toronto Stock Exchange immediately after the redemption of the minority shares has been completed.

Areva’s will take control of the Trekkopje uranium project in Namibia, where a feasibility study is close to concluding. Should such a feasibility study be sufficiently positive, initial mining and processing operations could be in place before the end of 2007.