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Update on Sale of Ezulwini Mine to Gold One
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
NEWS RELEASE – July 30, 2012
First Uranium announces update on the sale of its Ezulwini Mine to Gold One
International Limited
All amounts are in US dollars unless otherwise noted.
Toronto and Johannesburg – First Uranium Corporation (TSX:FIU.UN), (JSE:FUU)
(ISIN:CA33744R5087) (“First Uranium” or “the Corporation”) announced that the Closing
Date, as defined in the Gold One Agreement (as defined below), occurred today as
planned, and the implementation of the Gold One Transaction is expected to occur on
August 1, 2012 (the “Implementation Date”).
The Corporation entered into a definitive agreement (the “Gold One Agreement”) for the
sale of First Uranium Limited, a wholly-owned subsidiary of the Corporation which owns
all of the shares of the Ezulwini Mining Company (Proprietary) Limited, to Gold One
International Limited (“Gold One”) for $70 million in cash (the “Gold One Transaction”).
Today, all of the documents required to conclude the Gold One Transaction were
delivered to Edward Nathan Sonnenbergs as Closing Document Stakeholder, and the
purchase price was delivered to Computershare Trust Company of Canada (“CTCC”) as
Purchase Price Stakeholder. On the Implementation Date, First Uranium will ensure that
the Working Capital Ratio, as defined in and required by the Gold One Agreement, is at
least 1:1 as at the Closing Date, following which the Closing Document Stakeholder will
release the closing documents from escrow, and the Purchase Price Stakeholder will pay
$65 million to First Uranium and $5 million (the “Deferred Payment”) will be held by
CTCC in its capacity as escrow agent in respect of the Deferred Payment. The Deferred
Payment is to be held for a period of six months (the “Escrow Period”) commencing on
the Implementation Date. At the end of the Escrow Period, the Deferred Payment, less
any claims made and payable in accordance with the Gold One Agreement, if any, shall
be paid to the Corporation.
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
Date: 30/07/2012 08:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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