First Uranium announces receipt of US$5 million from Gold One Escrow.
TORONTO and JOHANNESBURG, Feb. 1, 2013 /CNW/ - First Uranium Corporation
(NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the
Corporation") today announced that it received US$5 million, being the balance
of the US$70 million sale proceeds from the sale of First Uranium Limited,
which owns all of the shares of Ezulwini Mining Company (Proprietary) Limited.
As previously reported on January 21, 2013, the Corporation received US$25
million, being the balance of the US$335 million purchase price for the shares
of Mine Waste Solutions (Proprietary) Limited, which amount had been held in
escrow pursuant to the sale agreement with AngloGold Ashanti Limited. From
these funds, the Corporation used CAD$4.5 million (being 3% of the principal
amount owing as of April 30, 2012) to repay the final amount due under the
trust indenture for the 4.25% unsecured convertible debentures (the
"Debentures"). This final payment resulted in the Debentures being redeemed
in full on January 28, 2013.
The Board of the Corporation will determine, subject to the establishment of a
reserve for any continuing and contingent obligations of the Corporation, an
additional amount to be distributed to the holders of the Units. It is the
Corporation's present intention, subject to the requirements of the stock
exchanges, to effect an additional distribution to shareholders by the end of
The Corporation will also consider the most efficient and orderly way in which
to distribute to the shareholders all remaining property of the Corporation
(after payment of the Corporation's creditors). The Corporation may then
proceed to be wound up and dissolved. However, the Board has not made any
decisions with respect to the windup and dissolution at this time.
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on
current expectations. All other statements other than statements of historical
fact included in this release are forward-looking statements (or
forward-looking information). The Corporation's plans involve various
estimates and assumptions and its business is subject to various risks and
uncertainties. For more details on these estimates, assumptions, risks and
uncertainties, see the Corporation's most recent Annual Information Form and
most recent Management Discussion and Analysis on file with the Canadian
provincial securities regulatory authorities on SEDAR at www.sedar.com. These
forward-looking statements are made as of the date hereof and there can be no
assurance that such statements will prove to be accurate, such statements are
subject to significant risks and uncertainties, and actual results and future
events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements that are included herein, except in accordance with applicable
Mary Batoff, +1 416 306 3072 email@example.com
SOURCE: First Uranium Corporation
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CO: First Uranium Corporation
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-0- Feb/01/2013 22:56 GMT
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