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Saskatoon, Saskatchewan, Canada, June 18, 2001
Cameco Corporation is pleased that the federal government has passed legislation 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 changes to the ownership restrictions are:
| Cameco Share Ownership Restrictions |
Old | New |
| Individual* non-resident | 5% | 15% |
| Total non-resident voting | 20% | 25% |
| Individual* Canadian | 25% | Unchanged |
| * Includes shares held by associates of a person as defined in the Eldorado Nuclear Limited Reorganization and Divestiture Act | ||
Cameco plans to take advantage of the increased foreign ownership thresholds by bringing forward an amendment to the company's articles at the next annual shareholders meeting.
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 supplier. 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.
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| For media inquiries, please contact: | For investor inquiries, please contact: | |
|
Jamie McIntyre Director, Investor & Corporate Relations Cameco Corporation Phone:(306) 956-6337 Fax:(306) 956-6318 |
Bob Lillie Manager, Investor Relations Cameco Corporation Phone:(306) 956-6639 Fax:(306) 956-6318 |