Cameco Completes Offering

On September 25, 2003, Cameco Corporation completed a public offering of $230 million aggregate principal amount of 5 per cent convertible subordinated debentures maturing on October 1, 2013. The debentures are convertible into Cameco common shares at the option of the holder at a conversion price of approximately $65 per share. The offering was underwritten by a syndicate led by RBC Capital Markets Inc., with Scotia Capital Inc. as co-book runner, which also included CIBC World Markets Inc. and HSBC Securities (Canada) Inc.

Cameco will use the net proceeds of approximately $222.6 million to repay an outstanding commercial paper debt related to the company’s February 2003 acquisition of an additional 16.6 per cent interest in Bruce Power, bringing its interest to 31.6 per cent.

Cameco was represented by in-house counsel Gary Chad and Larry Korchinski; and by MacPherson Leslie & Tyerman LLP in Regina, with a team that included Doug Ballou, Aaron Runge, Jennifer Arndt and Jonathan Troyer (securities/corporate) and Todd Rosenberg (tax), and Michael Clark (securities/corporate) in Calgary. The underwriters were represented by Borden Ladner Gervais LLP, with a team that included Paul Findlay and Ross DeBoni (securities/corporate), Rick Coburn (environmental) and Larissa Tkachenko (tax) in Toronto and Steven Pearson (corporate) in Calgary.