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FIRST URANIUM CORPORATION - First Uranium announces Implementation of Sale of MWS to AngloGold Ashanti and Redemption of 7% Secured Convertible

Release Date: 20/07/2012 14:00
Code(s): FUU
Wrap Text
First Uranium announces Implementation of Sale of MWS to AngloGold Ashanti and
Redemption of 7% Secured Convertible

First Uranium Corporation
(Continued under the laws of Ontario, Canada)
(Registration number 2082276)
(South African registration number 2007/009016/10)
Share code: FUU ISIN: CA33744R5087

July 20, 2012

First Uranium announces Implementation of Sale of MWS to AngloGold Ashanti and
Redemption of 7% Secured Convertible Notes and the 11% Secured Convertible Rand
Notes

Toronto and Johannesburg – First Uranium Corporation (TSX:FIU.UN), (JSE:FUU)
(ISIN:CA33744R5087) (“First Uranium” or “the Corporation”) announced that today the
Implementation Date occurred, as defined in the agreement (the “AGA Agreement”)
dated March 2, 2012 for the sale, indirectly, of all of the shares of Mine Waste Solutions
(Proprietary) Limited (“MWS”), owner of the tailings recovery project in South Africa, to
AngloGold Ashanti Limited.

At this juncture, certain documents relating to the discharge of the security held for the
benefit of the 7% secured convertible notes due March 31, 2013 (the “Canadian Notes”)
issued by First Uranium, the 11% secured convertible notes due March 31, 2013 (the
“Rand Notes”) issued by MWS, and the Gold One US$10 million loan facility, have been
registered by the appropriate deeds office releasing all security in the MWS assets.

Today, Computershare Trust Company of Canada and Computershare Investor Services
(Proprietary) Inc., as Purchase Price Stakeholders will pay: (i) to BNY Trust Company of
Canada, as trustee for the holders of the Canadian Notes, C$110 million, and to GMG
Trust Company (SA) (Pty) Ltd. (or its agent), as trustee for the holders of the Rand Notes,
ZAR418.6 million, (ii) to Gold One, US$10 million plus accrued interest; (iii) US$25 million
to the warranty escrow agent; and (iv) the balance to First Uranium.

Trading in all of the issued and outstanding Canadian Notes (Symbol: FIU.NT; ISIN:
CA33744RAC66 and CA33744RAD40) of First Uranium will be halted at the opening of
trading on the TSX on July 31, 2012 (the “Redemption Date”) and will be delisted at the
close of business on July 31, 2012.

All of the issued and outstanding Canadian Notes have been called for redemption on
the Redemption Date. The redemption price for each C$1,000 principal amount of
Canadian Notes held will be C$1,000 (the “Redemption Price”) and no interest is
payable.
As the Canadian Notes trade in the book-entry only system of CDS Clearing and
Depository Services Inc., holders need not take any action in order to receive their
Redemption Price.

MWS has called for the redemption of the Rand Notes and a separate announcement in
respect thereof has been issued on the JSE Limited’s Stock Exchange News Service
(SENS).

The Corporation expects that the sale of First Uranium Limited, owner of the Ezulwini
mine, to Gold One International Limited, will be closed by the end of July 2012.

For further information:

Mary Batoff: (416) 306-3072, mary@firsturanium.ca

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 and
operations are 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

Sponsor: Investec Bank Limited

Date: 20/07/2012 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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