BG10 Ebrd 29

 

TIDMTOS TIDMBG10 TIDMTEQ 
 
RNS Number : 0652N 
Toshiba Corporation 
10 February 2009 
 

FOR IMMEDIATE RELEASE 
February 10, 2009 
The Tokyo Electric Power Company, Incorporated 
Toshiba Corporation 
The Japan Bank for International Cooperation 
 
 
Tokyo Electric Power, Toshiba and Japan Bank for International Cooperation 
to Acquire 19.95% Equity Interest in Uranium One of Canada 
- Establishment of Long Term Strategic Alliance with Strategic Relationship 
Agreement and Uranium Offtake Agreement - 
 
 
Tokyo - The Tokyo Electric Power Company, Incorporated (TEPCO) (TOKYO: 9501), 
Toshiba Corporation (Toshiba) (TOKYO: 6502), and the Japan Bank for 
International Cooperation (JBIC), the international wing of the Japan Finance 
Corporation, today announced a joint investment in Uranium One Inc. (U1) 
(UUU.TO), a major, Canadian-listed producer and marketer of uranium. TEPCO, 
Toshiba and JBIC have agreed to subscribe to a new share issue of 117 million 
shares in U1, at a price of Cdn$2.30 per share, equal to approximately Cdn$270 
million (about 20.2 billion yen(1)) in total. Concurrently, TEPCO, Toshiba and 
JBIC have also signed a strategic relationship agreement (SRA) with U1, and a 
 Uranium  Offtake Agreement. 
 
 
The full share issue will be taken up by Japan Uranium Management Inc. (JUMI), a 
special purpose entity established by the three Japanese companies in British 
Columbia,  Canada. Once JUMI completes the transaction, U1's outstanding shares 
will total 586.61 million, and JUMI will have a holding of about 19.95%. TEPCO 
and Toshiba will each hold 40% of JUMI's shares, and JBIC will hold 20%. 
 
 
In order to further deepen and develop their long-term strategic 
relationship with U1, the three Japanese companies intend to appoint two 
representatives to serve on U1's board,  and  to send other personnel to the 
company; establish a joint committee to discuss strategic issues; and evaluate 
opportunities to jointly develop uranium resources. The Japanese companies and 
U1 will together develop and execute detailed action plans based on the SRA. 
 
 
TEPCO operates a large scale nuclear generation program in Japan, and 
pursues economically efficient means to optimize its uranium procurement, 
including diversification of  procurement channels, and will continue to enhance 
its fuel procurement activities, especially in front-end domains. 
 
 
Toshiba strives to take advantage of every opportunity to promote initiatives 
and programs to satisfy demand for uranium for the Group's utility customers on 
a global basis. 
 
 
JBIC aims to support activities to secure uranium resources for Japan and to 
maintain and improve international competitiveness within the nuclear industry 
of Japan. From this  perspective, JBIC supports this first-ever equity 
investment by Japanese companies in a major uranium company as a joint investor, 
and seeks to sustain U1's businesses by drawing on its own experience and 
capabilities, based on an existing relationship, to have dialogue directly  with 
Kazakhstan where U1 has mining sites. 
 
 
# # # 
 
 
Note: 
(1): Calculated at an exchange rate of 75 yen to the Canadian dollar for 
convenience only. 
 
 
Further details are available in the attached PDF file. 
 
http://www.rns-pdf.londonstockexchange.com/rns/0652N_-2009-2-10.pdf 
 
 
Press contacts: 
+----------------------------------+--------------------------------------+ 
| The Tokyo Electric Power         | Corporate Communications             | 
| Company, Incorporated            | Department Tel:                      | 
|                                  | 03-6373-1111 (ext.6234)              | 
+----------------------------------+--------------------------------------+ 
| Toshiba Corporation              |   Corporate Communications Office    | 
|                                  |   Tel: 03-3457-2105                  | 
+----------------------------------+--------------------------------------+ 
| The Japan Bank for International |   Press and External Affairs         | 
| Cooperation                      |   Division,                          | 
|                                  |   Corporate Planning Department Tel: | 
|                                  |   03-5218-3100                       | 
+----------------------------------+--------------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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