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FUM - First Uranium Corporation - First Uranium Corporation announces terms of
Public Equity Offering
First Uranium Corporation
(Continued under the laws of British Columbia, Canada)
(Registration number C0777384)
(South African registration number 2007/009016/10)
Share code: FUM ISIN: CA33744R1029
NEWS RELEASE - February 23, 2011
FIRST URANIUM CORPORATION ANNOUNCES TERMS OF
PUBLIC EQUITY OFFERING
All amounts are in Canadian dollars unless otherwise noted.
This news release is not intended for distribution to United States newswire
services or dissemination in the United States.
Toronto and Johannesburg: First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or the "Company") announced today that it
has priced its previously announced public equity offering. The offering will
consist of 46,000,000 common shares at a price of $1.00 per share for aggregate
gross proceeds of $46,000,000. The agents will have the option, exercisable for
a period of 30 days from the date of closing, to purchase up to 6,000,000
additional common shares at a price equal to the offering price to cover over-
allotments.
RBC Capital Markets is acting as lead agent of the offering with a syndicate
that includes Raymond James Ltd., BMO Capital Markets, Macquarie Capital Markets
Canada Ltd. and Paradigm Capital Inc.
The Company intends to use the net proceeds from the offering for capital
expenditures for the Ezulwini Mine, for capital expenditures and rehabilitation
work for the Mine Waste Solutions Project and for general corporate purposes.
Closing of the offering is expected to occur on or about March 1, 2011 and is
subject to certain conditions, including, but not limited to, receipt of all
necessary securities regulatory approvals (including the approval of the Toronto
Stock Exchange).
The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or under any state securities laws and may
not be offered or sold in the United States, absent registration or an
applicable exemption from the registration requirements. This news release does
not constitute an offer to sell or the solicitation of an offer to buy nor will
there be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming
a low-cost producer of uranium and gold through the expansion of the underground
development to feed the new uranium and gold plants at the Ezulwini Mine and
through the expansion of the plant capacity of the Mine Waste Solutions (MWS)
tailings recovery facility, both operations situated in South Africa. First
Uranium also plans to grow production by pursuing value-enhancing acquisition
and joint venture opportunities in South Africa and elsewhere.
For further information, please contact:
Julian Gwillim, julian@aprio.co.za
Gail Strauss, gailstrauss@mweb.co.za
Sponsor:Investec Bank Limited
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 Company`s plans involve various estimates and assumptions and
its business and operations are subject to various risks and uncertainties. For
more details on these estimates, assumptions, risks and uncertainties, see the
Company`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
Date: 23/02/2011 07:24:01 Supplied by www.sharenet.co.za
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