2022-10-11 | TSX: CCO | Press release

SASKATOON, Saskatchewan, Oct. 11, 2022 (GLOBE NEWSWIRE) — Cameco (TSX: CCO; NYSE: CCJ) today announced that it has reached an agreement with a syndicate of underwriters led by CIBC Capital Markets and Goldman Sachs & Co. LLC, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 29,615,000 common shares of Cameco at a price of $21.95 per share (the “Offer Price””, for gross proceeds of approximately $650 million (the “Offer Price”). The common shares will be offered to the public in Canada and the United States. The offering is expected to close on or about October 17, 2022, subject to customary closing conditions, including receipt of all necessary Toronto Stock Exchange and New York Stock Exchange approvals. In addition, we have granted the underwriters an option to purchase up to an additional 4,442,250 common shares at the offering price, exercisable in whole or in part at any time up to 30 days after the closing of the offer, for potential incremental gross proceeds to Cameco of approximately $97.5 million.

We intend to use the total proceeds from the offering, after payment of fees and expenses, to partially fund our share of the acquisition of Westinghouse Electric Company, one of the world’s leading nuclear services companies, through a strategic partnership with Brookfield Renewable Partners (“Brookfield Renewable”), with Brookfield Renewable’s institutional partners (the “Acquisition”).

CIBC Capital Markets and Goldman Sachs & Co. LLC are acting as joint bookrunners for the Offering.

We intend to offer and sell the Common Stock in the United States pursuant to our effective pending registration statement on Form F-10 (File No. 333-267625) (the “US Registration Statement”). United States&CloseCurlyDoubleQuote 😉 filed with the United States Securities and Exchange Commission (the “SEC”), and in Canada pursuant to our short form base shelf prospectus (the “Base Shelf Prospectus”), in each case filed on September 26, 2022. A preliminary prospectus supplement relating to and describing the terms of the Offering has been filed with the SEC and the securities regulatory authorities in each of the provinces and territories of Canada as part of the registration statement. in the United States and the base shelf prospectus, respectively, and a final prospectus supplement will be filed in connection with the Offering. The documents filed or to be filed in connection with the Offer contain important detailed information about the Company and the Offer. Prospective investors should read these filings and the documents incorporated by reference therein before making an investment decision.

Copies of the base shelf prospectus and prospectus supplements will be available free of charge on SEDAR at www.sedar.com, and copies of the United States registration statement and prospectus supplements will be available free of charge on EDGAR on the SEC’s website at www. .sec.gov. Alternatively, copies may be obtained from: CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com; or from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone: 1-866-471-2526, or by fax: 212-902-9316 or by e-mail Prospectus-ny@ny.email.gs.com or Goldman Sachs Canada Inc., TD North Tower, 77 King Street West Suite 3400, Toronto, ON M5K 1B7.

No securities regulatory authority has approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Cameco, and there will be no sale of the securities in any province, territory, state or jurisdiction where such offer , solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, territory, state or jurisdiction.

Caution regarding forward-looking information

Certain information contained in this press release, including statements regarding the offer and the acquisition, including the terms of the offer, the completion and timing of the completion of the offer and the intended use of proceeds net of the offering, and the time and date of completion of the Acquisition, constitutes forward-looking information within the meaning of applicable securities laws in Canada and the United States, including the United States Private Securities Litigation Reform Act Act of 1995. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or ” does not expect”, “is expected”, “should”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes&CloseDoubleCurlyDoubleQuote;, “anticipates&Close; or “does not anticipate” or “believe”, or variations of these words and phrases or state that certain actions, events or results “may”, “could”, “would”, “could”, “will” or “ will be taken”, “will occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but rather represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates which, although considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including, but not limit, failure to satisfy closing conditions to the completion of the Offer or Acquisition and the factors described in more detail in the “Risk Factors” section of the Company’s current Annual Information Form, Prospectus Supplement dated October 11, 2022 and in the Company’s other filings with Canadian securities regulators and the SEC from time to time, available at w ww.sedar.com and www .sec.gov, respectively. These factors are not intended to represent a complete list of factors that could affect the Company; however, these factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company expressly disclaims any obligation to update or modify any statements containing forward-looking information, or the underlying factors or assumptions, whether as a result of new information, future events or otherwise, except as required by law.

Profile

Cameco is one of the world’s largest suppliers of the uranium fuel needed to power a clean-air world. Our competitive position is based on our majority ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

As used in this press release, the terms we, us, our, the company and Cameco refer to Cameco Corporation and its subsidiaries, unless otherwise specified.

Investor requests:

Rachelle Girard

306-956-6403

rachelle_girard@cameco.com

Media inquiries:

Veronique Baker

306-385-5541

veronica_baker@cameco.com