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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001130319-03-000719.txt : 20030919
<SEC-HEADER>0001130319-03-000719.hdr.sgml : 20030919
<ACCEPTANCE-DATETIME>20030919111154
ACCESSION NUMBER:		0001130319-03-000719
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030918
FILED AS OF DATE:		20030919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		03902077

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o10771e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<HEAD>
<TITLE>Form 6-K</TITLE>
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<P align="center"><FONT size="3"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
</FONT>
<FONT size="3"><B>Washington, DC 20549</B>
</FONT>
<P align="center"><FONT size="5"><B>FORM 6-K</B>
</FONT>
<P align="center"><FONT size="2"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>
</FONT>
<P align="center"><FONT size="2">For the month of September, 2003
</FONT>
<P align="center"><FONT size="6"><B>Cameco Corporation</B>
</FONT><BR>
<FONT size="2">(Commission file No.&nbsp;1-14228)
</FONT>
<P align="center"><FONT size="2"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)
</FONT>
<P align="left"><FONT size="2">Indicate by check mark whether the registrant files or will file annual reports
under cover Form&nbsp;20-F or Form&nbsp;40-F.
</FONT>
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    <TD width="45%">&nbsp;</TD>
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    <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F <FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F <FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
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</CENTER>
<P align="left"><FONT size="2">Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
1934.
</FONT>

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    <TD align="center" valign="top"><FONT size="2">Yes <FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
No <FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
</TABLE>
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<P align="left"><FONT size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
in connection with Rule&nbsp;12g3-2(b):
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="right"><FONT size="2">Page 2</FONT>
<P align="left"><FONT size="2"><B><U>Exhibit&nbsp;Index</U></B>
</FONT>
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<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Page No.</B></FONT></TD>
</TR>
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<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">1.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Material Change Report
dated September&nbsp;18, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">3 &#151; 5</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>SIGNATURE</B>
</FONT>
<P align="left"><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
</FONT>
<P>
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    <TD colspan="3" valign="top"><FONT size="2">Date: September&nbsp;18, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Cameco Corporation<BR>
By:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I></FONT>
<HR align="left" size="1" width="75%" noshade>
<FONT size="2">Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and<BR>
Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Page 3</FONT>

<P align="center"><FONT size="2"><B>Form&nbsp;25 (Saskatchewan)<BR>
Form&nbsp;26 (Newfoundland)<BR>
Form&nbsp;27 (British Columbia, Alberta, Ontario &#038; Nova Scotia)<BR>
Material Change Report Pursuant to</B>
</FONT>
<P align="center"><FONT size="2">Clause 84(1)(b) of <I>The Securities Act, 1988, </I>S.S. 1988 c. S-42.2<BR>
Subsection 67(2) of the <I>Securities Act</I>, S.B.C. 1985 c.83<BR>
Subsection 118(1) of the <I>Securities Act, </I>R.S.A. 1981 c.S-6.1<BR>
Subsection 75(2) of the <I>Securities Act</I>, R.S.O. 1980 c.466<BR>
Subsection 73 of the <I>Securities Act, </I>R.S.Q. c. V-1-1.1<BR>
Subsection 81(2) of the <I>Securities Act</I>, R.S.N.S. 1989 c. 418<BR>
Subsection 76(2) of the <I>Securities Act</I>, <I>1990 </I>S. Nfld. C. 48
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;1 &#151; Reporting Issuer</B>
</FONT>

<P align="left"><FONT size="2">Cameco Corporation (&#147;Cameco&#148;).
</FONT>
<P align="left"><FONT size="2">The registered and principal office of Cameco is 2121 &#151; 11th Street West,
Saskatoon, Saskatchewan, S7M 1J3.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;2 &#151; Date of Material Change</B>
</FONT>

<P align="left"><FONT size="2">September&nbsp;9, 2003.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;3 &#151; Press Release</B>
</FONT>

<P align="left"><FONT size="2">The English version and the French translation version of the press release
relating to this material change were distributed and filed by Canadian
Corporate News wire service through their Canadian Timely Disclosure Pack on
September&nbsp;9, 2003.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4 &#151; Summary of Material Change</B>
</FONT>

<P align="left"><FONT size="2">On September&nbsp;9, 2003, Cameco announced that it entered into an agreement, on a
bought deal basis with a syndicate of underwriters led by RBC Dominion
Securities Inc., for an offering (the &#147;Offering&#148;) of $200&nbsp;million of
convertible subordinated debentures (the &#147;Convertible Debentures&#148;). The
Convertible Debentures, with a face value of $1,000 per debenture, will have a
coupon of 5%, maturing on October&nbsp;1, 2013 and will be convertible into common
shares of Cameco at a price of $65.00 per share, subject to adjustment.
</FONT>
<P align="left"><FONT size="2">Cameco has also granted the underwriters an option to purchase up to an
additional $30&nbsp;million of Convertible Debentures on the same terms and
conditions, exercisable up to 48 hours prior to closing. The sale of the
Convertible Debentures is subject to customary securities regulatory approvals
and closing conditions and is expected to close on or about September&nbsp;25, 2003.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="right"><FONT size="2">Page 4</FONT>

<P align="left"><FONT size="2">The net proceeds of the Offering will be used to repay outstanding short-term
commercial paper debt related to Cameco&#146;s past acquisition of a further 16.6%
interest in Bruce Power LP, which closed in February 2003.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5 &#151; Full Description of Material Change</B>
</FONT>

<P align="left"><FONT size="2">On September&nbsp;9, 2003, Cameco announced that it entered into an agreement to
sell the Convertible Debentures on a bought deal basis. The issue is being
bought by a syndicate of underwriters led by RBC Dominion Securities Inc. and
including Scotia Capital Inc., CIBC World Markets Inc. and HSBC Securities
(Canada) Inc. (collectively, the &#147;Underwriters&#148;). A preliminary short form
prospectus was filed on September&nbsp;11, 2003 and a final short form prospectus
was filed on September&nbsp;18, 2003.
</FONT>
<P align="left"><FONT size="2">Cameco has also granted the Underwriters an option to purchase up to an
additional $30&nbsp;million of Convertible Debentures on the same terms and
conditions, exercisable up to 48 hours prior to closing. The sale of the
Convertible Debentures is subject to customary securities regulatory approvals
and closing conditions and is expected to close on or about September&nbsp;25, 2003.
</FONT>
<P align="left"><FONT size="2">Cameco will use the net proceeds of the Offering to repay outstanding
short-term, commercial-paper debt related to the company&#146;s past acquisition of
a further 16.6% interest in Bruce Power LP, which closed in February 2003.
</FONT>
<P align="left"><FONT size="2">Each Convertible Debenture has a minimum denomination of $1,000 and will bear
an interest rate of 5% per annum payable semi-annually in arrears on April 1
and October 1 in each year commencing April&nbsp;1, 2004 and will mature on October
1, 2013. The Convertible Debentures are unsecured obligations of the company
and will be subordinated in right of payment to all the company&#146;s existing and
future senior indebtedness. In addition, the Convertible Debentures will rank
junior to the company&#146;s secured indebtedness and the liabilities of the
company&#146;s subsidiaries.
</FONT>
<P align="left"><FONT size="2">The Convertible Debentures are convertible into Cameco common shares at the
option of the holder at any time on or prior to the maturity date based on a
conversion price of $65.00 per share, representing a conversion ratio of
approximately 15.3846 shares per $1,000 of Convertible Debentures.
</FONT>
<P align="left"><FONT size="2">The company may not redeem the Convertible Debentures prior to October&nbsp;1, 2008.
Thereafter, the company may redeem the Convertible Debentures in whole or in
part at a redemption price equal to par plus accrued and unpaid interest,
provided that the holders will be able to convert the Convertible Debentures
into Cameco common shares at any time up to one business day prior to the
redemption date.
</FONT>
<P align="left"><FONT size="2">In accordance with Canadian generally accepted accounting principles, the
Convertible Debentures will be reflected as equity on the company&#146;s balance
sheet.
</FONT>
<P align="left"><FONT size="2">The Convertible Debentures and the common shares issuable on the conversion
thereof have not been and will not be registered under the United States
Securities Act of 1933, as amended (US Securities Act) or any state securities
laws and may not be offered or sold within the United States or to US persons
unless registered under the US Securities Act and applicable state securities
laws or an exemption therefrom is available.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="right"><FONT size="2">Page 5</FONT>

<P align="left"><FONT size="2">The Underwriting Agreement enables the Underwriters to reoffer and resell the
Convertible Debentures that they have acquired pursuant to the Underwriting
Agreement to certain qualified institutional buyers in the United States
provided such offerings and sales are made in accordance with Rule&nbsp;144A under
the US Securities Act. Moreover, the Underwriting Agreement provides that the
Underwriters may offer and sell Convertible Debentures outside the United
States in accordance with Regulation&nbsp;S under the US Securities Act.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6 &#151; Reliance on subsection 84(2) (SK), subsection 67(2)(BC), subsection 118(4)(AB), subsection 75(3) (ON), section 74 (PQ), subsection 81(3) (NS)&nbsp;and subsection 76(3)(NF)</B>
</FONT>

<P align="left"><FONT size="2">Not applicable
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7 &#151; Omitted Information</B>
</FONT>

<P align="left"><FONT size="2">Not applicable
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8 &#151; Senior Officer</B>
</FONT>

<P align="left"><FONT size="2">A senior officer who is knowledgeable about the material change is Gary M.S.
Chad, Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary of
Cameco. He may be contacted at telephone number (306)&nbsp;956-6303.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9 &#151; Statement of Senior Officer</B>
</FONT>

<P align="left"><FONT size="2">The foregoing accurately discloses the material change referred to herein.
</FONT>
<P align="left"><FONT size="2">DATED at Saskatoon, Saskatchewan, the 18th day of September, 2003.
</FONT>
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    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I></FONT>
<HR align="left" size="1" width="75%" noshade>
<FONT size="2">Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory<BR>
Affairs and Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>



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