Cameco and Brookfield Receive Regulatory Approval to Acquire WestinghouseSaskatoon, Saskatchewan, Canada, November 3, 2023 . . . . . . . . . . . . . Cameco (TSX: CCO; NYSE: CCJ) is pleased to announce that our joint acquisition ofWestinghouse Electric Company with Brookfield Asset Management alongside its publicly listedaffiliate Brookfield Renewable Partners and institutional partners has now received all requiredregulatory approvals. Cameco anticipates the transaction will close on or about November 7,subject to the satisfaction of all other customary closing conditions.
Cameco plans to finance our share of the acquisition utilizing the full amount of our $600 million(US) term loan, which will be drawn down at closing, along with available cash. We will not beutilizing the $280 million (US) bridge commitment that we secured concurrently with theacquisition agreement, and that commitment will be terminated.
The joint acquisition was previously announced on October 11, 2022.
ProfileCameco is one of the largest global providers of the uranium fuel needed to energize a clean-airworld. Our competitive position is based on our controlling ownership of the world’s largesthigh-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuelproducts to generate safe, reliable, carbon-free nuclear power. Our shares trade on the Torontoand New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
Caution Regarding Forward-Looking Information and Statements
This news release includes statements and information about our expectations for the future,which we refer to as forward-looking information. Forward-looking information is based on ourcurrent views, which can change significantly, and actual results and events may be significantlydifferent from what we currently expect. Examples of forward-looking information contained inthis news release include statements regarding the timing of the closing of the Westinghouseacquisition; plans to draw on our term loan and our use of cash to finance the acquisition; and thetermination of the bridge commitment. Material risks that could lead to different results includethe risk that the Westinghouse acquisition may be delayed or may not be completed on the termsin the acquisition agreement or at all; and that the closing conditions to which the acquisition issubject may not be satisfied on a timely basis or at all. In presenting this forward-lookinginformation, we have made assumptions which may prove incorrect about the timing of thesatisfaction of closing conditions and the closing of the acquisition on the anticipated timeline.Other material risks and assumptions associated with Cameco’s business are described in greaterdetail in Cameco’s current annual information form and its most recent annual and subsequentquarterly MD&A. Forward-looking information is designed to help you understand- 2 -management’s current views of our near-term and longer-term prospects, and it may not beappropriate for other purposes. We will not necessarily update this information unless we arerequired to by securities laws.- End -
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