First Uranium announces financial results for the three and twelve months ended March 31, 2013

First Uranium announces financial results for the three and twelve months 
ended March 31, 2013 
For the Management Discussion & Analysis and Financial Statements please refer 
to the Corporation's website at www.firsturanium.com. All amounts are in US 
dollars ("$"), except where otherwise indicated. 
TORONTO and JOHANNESBURG, May 28, 2013 /CNW/ - First Uranium Corporation 
(NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the 
Corporation") today announced its financial results for the three and twelve 
months ended March 31, 2013. 
                                              
Abbreviation Period                Abbreviation Period 
Q1 2012      April 1, 2011 - June  Q1 2013      April 1, 2012 - June 
         30, 2011                           30, 2012 
Q2 2012      July 1, 2011 -        Q2 2013      July 1, 2012 - 
         September 30, 2011                 September 30, 2012 
Q3 2012      October 1, 2011 -     Q3 2013      October 1, 2012 - 
         December 31, 2011                  December 31, 2012 
Q4 2012      January 1, 2012 -     Q4 2013      January 1, 2013 - March 
         March 31, 2012                     31, 2013 
FY 2012      April 1, 2011 - March FY 2013      April 1, 2012 - March 
         31, 2012                           31, 2013 
Overview 
The Corporation disposed of its principal assets in Q2 2013. 
On July 20, 2012, the MWS tailings recovery project was sold to AngloGold 
Ashanti Limited ("AGA") for cash proceeds of $335 million. The 7% secured 
convertible notes (the "Canadian Notes") (Cdn$110 million), 11% secured 
convertible notes (the "Rand Notes") (ZAR418.6 million) and loan with Gold One 
International Limited ("Gold One") ($10 million plus accrued interest) were 
settled out of the proceeds. From the cash proceeds received from AGA, a 
deferred payment of $25 million (the "AGA Deferred Payment") was deposited 
with a warranty escrow agent pursuant to terms and conditions of an escrow 
agreement in accordance with the AGA sales agreement for a period of six 
months (the "AGA Escrow Period") ending on January 20, 2013. No claims were 
made during the AGA Escrow Period and consequently, on January 21, 2013, the 
Corporation received the AGA Deferred Payment (including interest). 
On August 1, 2012, the Ezulwini Mine was sold to Gold One for cash proceeds of 
$70 million. A total of $65 million from the proceeds was paid directly to 
First Uranium. The remaining $5 million (the "Gold One Deferred Payment") was 
held by the warranty escrow agent pursuant to the terms and conditions of an 
escrow agreement in accordance with the Gold One Agreement for a period of six 
months (the "Gold One Escrow Period") ending on February 1, 2013. No claims 
were made during the Gold One Escrow Period and consequently, on February 1, 
2013, the Corporation received the Gold One Deferred Payment (including 
interest). 
Following the successful implementation of the Gold One transaction on August 
1, 2012, 95% of the principal amount of the 4.25% unsecured convertible 
debentures (the "Debentures") owing as of April 30, 2012 together with the 
unpaid interest on 100% of the principal amount of the Debentures accruing 
from December 31, 2011 to March 2, 2012 (inclusively) (together, the "95% 
Payment Amount") was paid to the Debenture holders. In addition, 2% of the 
principal amount of the Debentures owing as of April 30, 2012, was distributed 
on a pro rata basis to those Debenture holders who agreed in writing on or 
before May 30, 2012, to vote in favour of the extraordinary resolution to 
approve the Supplemental Indenture in relation to the Debentures. The 
Corporation repaid the remaining principal amount (Cdn$4.5 million) due under 
the Trust Indenture for the Debentures on January 28, 2013. 
Upon the disposal of First Uranium's principal assets, the Corporation 
effected a change of business according to the rules of the TSX. As a result 
of such change in business, the Corporation no longer met the original listing 
requirements, and decided to voluntarily delist from the TSX; however, to 
maintain liquidity in the Units and to ensure that it remained a "public 
company", it applied for listing on the NEX Exchange (the "NEX"), a separate 
board of the TSX Venture Exchange that provides a trading forum for listed 
companies that have low levels of business activity or have ceased to carry on 
an active business. The Units were delisted from the TSX at the close of the 
market on August 31, 2012 and the Units commenced trading on the NEX (FIU.H) 
on September 4, 2012. 
After the Corporation's Units were listed on the NEX and upon meeting the 
requirements for notice of record dates and payment dates of the NEX and the 
JSE Limited, the Corporation made an initial distribution (the "Initial 
Distribution") on October 1, 2012 of Cdn$0.125 (ZAR1.05) per unit to 
shareholders of the Corporation, totaling $30.3 million, in the form of a 
redemption of 12.5 Class A Special Shares at a price per share of Cdn$0.01 
(ZAR0.08402). 
Following the release of the escrow funds to First Uranium, the Corporation 
made a second distribution (the "Second Distribution") on March 18, 2013 of 
Cdn$0.102 (ZAR0.88899) per unit to shareholders of the Corporation, totaling 
$23.5 million, in the form of a redemption of 10.2 Class A Special Shares at a 
price per share of Cdn$0.01 (ZAR0.087156). 
Each Unit is currently comprised of 77.3 Class A Special Shares and 1 Class B 
Common Share. The number of Units outstanding was unchanged following the 
Initial Distribution and Second Distribution. 
The Corporation is now considering 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 remaining creditors), as well as 
investigating alternatives, which may include the prospect for a business 
combination or sale of the Corporation. If no viable alternatives are 
available to the Corporation, 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. 
Summary of Financial Results 
The Corporation reported losses from its continuing operations of $0.8 million 
in Q4 2013 (Q4 2012: $5.6 million) and $21.6 million in FY 2013 (FY 2012: 
$48.0 million). 
Prior to the disposal of its discontinued operations in Q2 2013, the 
Corporation reported profits from its discontinued operations of $108.6 
million in FY 2013 compared to losses of $117.1 million in FY 2012. The 
primary drivers for the improvement in the results of the discontinued 
operations over the comparative period were the $80.3 million profit on 
disposal of the Corporation's principal assets in Q2 2013 along with the 
derivative income related to the discontinued operations' gold stream 
transactions of $31.0 million recognized in FY 2013 compared to a derivative 
expense recognized in FY 2012 of $14.2 million. 
The Corporation (including discontinued operations) utilized $1.4 million and 
$12.3 million of cash from its operations in Q4 2013 (Q4 2012: $4.5 million) 
and FY 2013 (FY 2012: $15.5 million), respectively. Prior to the disposal of 
its discontinued operations in Q2 2013, the Corporation utilized $6.9 million 
during FY 2013 (FY 2012: $29.4 million) on capital projects at its 
discontinued operations. During Q2 2013, the Corporation raised $388.4 million 
cash proceeds from the disposal of its principal assets and used a substantial 
portion of the cash proceeds raised ($317.3 million) to settle the Cdn$110 
million Canadian Notes ($109.0 million), the ZAR418.6 million Rand Notes 
($51.5 million), the $10 million Gold One loan facility and the Cdn$150 
million ($151.3 million) of Debentures. During Q3 2013, the Corporation 
utilized $30.3 million of the remaining proceeds to pay the Initial 
Distribution to the Corporation's shareholders. A further $23.5 million was 
used for the Second Distribution to the Corporation's shareholders during Q4 
2013. 
As at March 31, 2013, current assets were $4.6 million (March 31, 2012: $4.2 
million excluding assets classified as held for sale of $656.1 million). 
The Corporation's current liabilities amounted to $1.3 million at the end of 
FY 2013 (March 31, 2012: $268.8 million) and consisted of a $1.1 million tax 
payable provision and $0.2 million of trade and other payables. 
Headline Earning Reconciliation 
                                               March 31,  March 31, 
(in thousands of dollars)                                2013      2012 
                                                                    
Total income (loss) for the year                       88,536 (165,099) 
Loss from continuing operations for the year         (21,559)  (48,018) 
Profit (loss) from discontinued operations for the    110,094 (117,081)
year 
Add back:                                                               
Profit on disposal of discontinued operations        (80,319)         - 
Impairment of assets included in profit (loss) for      (542)   178,171
the year from discontinued operations 
                                                                    
Total headline earnings for the year                    7,675    13,072 
Headline loss from continuing operations for the     (21,559)  (48,018)
year 
Headline profit from discontinued operations for       29,234    61,090
the year 


                                                                       

Headline and Diluted Headline Earnings per Common Share
                                                   March 31,  March 31,
                                                         2013      2012
                                                                       

Total headline and diluted earnings per share ($)        0.03      0.06

Headline loss from continuing operations               (0.09)    (0.20)

Headline profit from discontinued operations             0.12      0.26
                                                                       

is calculated based on the headline income for the      7,675  (13,072)
year of ($'000)

Headline loss from continuing operations for the     (21,559)  (48,018)
year ($'000)

Headline profit from discontinued operations for       29,234    61,090
the year ($'000)
                                                                       

and a weighted average number of common shares        238,193   237,703
outstanding of ('000)

Non-IFRS Measures

The Corporation believes that in addition to conventional measures prepared in 
accordance with IFRS, the Corporation and certain investors and analysts use 
certain other non-IFRS financial measures to evaluate the Corporation's 
performance including its ability to generate cash flow and profits from its 
operations. The Corporation has included certain non-IFRS measures in this 
document. Non-IFRS measures do not have any standardized meaning prescribed 
under IFRS, and therefore they may not be comparable to similar measures 
employed by other companies. The data is intended to provide additional 
information and should not be considered in isolation or as a substitute for 
measures of performance prepared in accordance with IFRS. Readers are advised 
to read all IFRS accounting disclosures presented in the Corporation's 
Financial Statements for more detail.

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 
securities laws.

www.firsturanium.com



Mary Batoff, +1 416 306 3072 ormary@firsturanium.ca

SOURCE: First Uranium Corporation

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CO: First Uranium Corporation
ST: Ontario
NI: MNG ERN 

-0- May/28/2013 14:00 GMT


 
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