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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Uramin Inc | LSE:UMN | London | Ordinary Share | VGG9298V1067 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 389.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
UraMin Inc 13 June 2007 13 June 2007 UraMin Inc. ("UraMin or "the Company") UraMin Announcement to U.S. Holders -Tax Information On June 12, 2007, UraMin Inc. ('UMN' TSX and AIM) announced that the Company has determined that it is a passive foreign investment company ("PFIC") for U.S. federal income tax purposes and has been a PFIC since 2005. This determination is important to all U.S. persons who hold equity in the Company (including individual U.S. citizens or permanent residents along with U.S. corporations, partnerships, trusts, and estates). Further, this determination of PFIC status may be contrary to certain representations or warranties made to U.S. purchasers in private placements since 2005. Generally, a PFIC is a non-U.S. corporation that has, for a particular year, either (i) at least 75% of revenues being passive investment income (the "income test") or (ii) at least 50% of gross assets being a type that produces passive investment income (the "assets test"). The Company has determined that it is and has been since 2005 a PFIC under the assets test. A U.S. holder of equity securities in a PFIC is subject to special tax rules. In general, the U.S. equity holder is subject to tax at the highest rates applicable to ordinary income on certain distributions from a PFIC and on the holder's gain from the sale of the PFIC's equity securities. Under certain circumstances, deferred taxes and interest may also be imposed as if the PFIC-related income had been earned by the U.S. equity holder ratably over its holding period in the PFIC equity. As an alternative to the default U.S. tax consequences of holding equity in a PFIC, U.S. holders may make a so-called qualifying electing fund (" QEF") election. With a valid QEF election, a U.S. holder reports each year its pro rata share of the PFIC's ordinary earnings and net capital gain. Furthermore, such an election potentially entitles the U.S. holder to treat gain on the sale of the PFIC's equity securities as capital gain (if permitted under otherwise applicable U.S. tax rules), long-term if the securities have been held for more than a year. Generally, U.S. holders may make the QEF election with respect to securities of the Company acquired in 2007. Under certain conditions, U.S. holders may also make the QEF election retroactively to apply to securities of the Company acquired in prior years. The Company is currently taking steps to provide its U.S. equity holders with appropriate information on its website to assist such holders in working productively with their independent tax advisors to address how the Company's PFIC status affects their particular tax situation. The Company strongly suggests that each U.S. equity holder review this situation immediately and take this press release and the information available at www.uramin.com to its independent tax advisor to determine what, if any, action is appropriate. General information is available about the Company by accessing UraMin's web site at www.uramin.com and SEDAR at www.sedar.com. U.S. Internal Revenue Service Circular 230 Notice To ensure compliance with U.S. Internal Revenue Service Circular 230, U.S. equity holders are hereby notified that: (a) any discussion of U.S. federal tax issues contained or referred to in this press release or any document referred to is not intended or written to be used, and cannot be used, by U.S. equity holders for the purpose of avoiding penalties that may be imposed on them under the United States Internal Revenue Code; (b) such discussion is written for use in connection with the promotion or marketing (within the meaning of U.S. Internal Revenue Service Circular 230) of the transactions or matters addressed herein; and (c) U.S. equity holders should seek advice based on their particular circumstances from an independent tax advisor. For further information: Ian Stalker, Chief Executive Officer Neil Herbert, Finance Director Tel: +27 11 783 5056 Nominated Advisor Canaccord Adams Limited Robin Birchall Tyler Broda Tel: +44 20 7050 6500 Toronto Steve Vaughan Tel: +1 416 643 6924 Background UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral properties, predominantly uranium. Following the private placement the Company currently has a market capitalization of approximately US$1.9 billion on an undiluted basis. UraMin (www.uramin.com) is traded on the Alternative Investment Market of the London Stock Exchange plc and the Toronto Stock Exchange under the symbol UMN. UraMin is currently focusing on the development of its advanced stage exploration projects at Trekkopje in Namibia, Bakouma in the Central African Republic and Ryst Kuil in South Africa. Through a South African joint venture, UraMin also enjoys additional prospecting license applications for important uranium deposits in the Karoo, South Africa. No assurance can be given that remaining applications for prospecting licenses will be successful. Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock Exchange END NRAVLLFFDQBFBBB
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