Gold One International, through its subsidiary, has enetered into an agreement to buy Rand Uranium for $250m.

The company will acquire 100% of Rand Uranium from its shareholders – Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Co.

The agreement is subject to the fulfillment or waiver, as the case may be, of certain conditions precedent.

The conditions include the approval from the competition authorities of South Africa, South African exchange control authorities, the minister of the Department of Mineral Resources in South Africa, and the Australian and Johannesburg stock exchanges.

The conditions also include closing of Gold One’s financing arrangement and passing of required resolutions by shareholders of the company.