RSS
Saskatoon, Saskatchewan, Canada, May 18, 2000
Cameco Corporation was advised today that the federal government intends to introduce legislation in the House of Commons to allow more foreign ownership of the company's shares.
The legislative changes will provide the company with more opportunity to access investment capital and greater flexibility to compete in a global market. Cameco will continue to be Canadian-controlled and the company's head office will remain in Saskatchewan.
The proposed changes to the ownership restrictions are:
| Cameco Share Ownership Restrictions |
Current | Proposed |
| Individual* non-resident | 5% | 15% |
| Total non-resident | 20% | 25% |
| Individual* Canadian | 25% | Unchanged |
|
* Includes shares held by affiliates, partners or associates of an individual, as defined in the Eldorado Nuclear Limited Reorganization and Divestiture Act |
||
The ownership restrictions, contained in the Eldorado Nuclear Limited Reorganization and Divestiture Act, were initially put in place when the federal government privatized Eldorado Nuclear, one of Cameco's predecessor companies.
Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
- End -
For further information, please contact:
| Alice Wong Director, Investor & Corporate Relations Cameco Corporation Phone:(306) 956-6337 Fax:(306) 956-6318 |
Elaine Kergoat Manager, Media & Public Relations Cameco Corporation Phone:(306) 956-6315 Fax:(306) 956-6318 |
A related news release from Natural Resources Canada can be found at http://www.nrcan-rncan.gc.ca/inter/index.html