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Last checked at 
21 Jan 2009 09:14
For immediate release
21 January 2009
Niger Uranium Limited
("Niger Uranium" or the "Company")
Significant Shareholder
EGM Requisition
The Company announces that NWT Uranium Corp. has confirmed to the Company that it has an interest in 31,955,000 ordinary shares in the capital of the Company ("Ordinary Shares") held in the name of Northwestern Mineral Ventures Inc (the former name of NWT Uranium Corp.) and 4,994,321 Ordinary Shares held through Bank of New York, in aggregate amounting to 36,949,321 Ordinary Shares representing 32.65 per cent. of the Company's issued share capital.
The Company has received a requisition (the "Requisition") to convene an Extraordinary General Meeting ("EGM") under Section 82 of the BVI Companies Act, 2004, as amended (the "Act") and the memorandum and articles of association of the Company from NWT Uranium Corp. (the "Requisitionist") which states that it is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company.
The proposed resolutions of the EGM, which are set out in Appendix I, include, inter alia, changes to the composition of the Board and a reference to a proposed private placement by the Company, details of which have not yet been published by the Company. The Board confirms that earlier this month, it resolved in principle to raise £2.5 million by way of an equity placing with third party investors, on terms to be finalised, in order to provide further funding for the continued development over the course of this year of the Company's uranium projects in Niger and the Henkries Project in Namibia. A further announcement will be made by the Company as and when the terms and structure of the proposed funding have been finalised, which is expected to be in the next two weeks.
The Directors of the Company will be reviewing the requisition and where necessary seeking additional clarification from the Requisitionist. A further announcement will be made in due course.
Enquiries:
Niger Uranium Limited
Ian Stalker, Executive Chairman
Tel: 27 11 269-4900
Nominated Adviser, Beaumont Cornish Limited
Tel: +44 (0) 207 628 3396Michael Cornish
Appendix
The Requisition
The text of the Requisition is set out below without material amendment:
"To: Niger Uranium Limited (the "Company")
And to: The Directors of the Company
Re: Requisition of Shareholders Meeting of the Company
The undersigned is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company that are entitled to vote in the Company on the matters for which the meeting is being requisitioned and, pursuant to Section 82 of the BVI Companies Act, 2004, as amended (the "Act") and the memorandum and articles of association of the Company hereby requisitions the directors of the Company to call a meeting of shareholders for the following purposes:
1. To vote against shareholders Dilution from a Proposed Private Placement that result in a massive unnecessary and unfair dilution of existing shareholders.
2. That the following persons be removed as Directors of the Company pursuant to Section 114 of the Act:
Ian Stalker
Wayne G. Beach
Gordon Cassidy
John P. Lynch
John Sanders
3. That the following persons be elected as Directors of the Company pursuant to Section 113 of the Act:
Ian Stalker
Gordon Cassidy
Wayne Isaacs
John P. Lynch
John Zorbas
David Subotic
Guy Elliot to Executive Chairman"
ENDS
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