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FIRST URANIUM CORPORATION - First Uranium announces receipt of US$25 million from AngloGold Escrow

Release Date: 21/01/2013 17:12
Code(s): FUU     PDF:  
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First Uranium announces receipt of US$25 million from AngloGold Escrow

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

21 January 2013

First Uranium announces receipt of US$25 million from AngloGold Escrow.

Toronto and Johannesburg – First Uranium Corporation (NEX:FIU.H) (JSE:FUU)
(ISIN:CA33744R5047) (“First Uranium” or “the Corporation”) today announced that it
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 (the “AGA Agreement”) dated March
2, 2012 with AngloGold Ashanti Limited (“AGA”).

The US$5 million 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, to Gold One International Limited (“Gold One”) continues to be
held in escrow pending the end of the Gold One escrow period on February 1, 2013,
after which this amount, less any claims made and payable in accordance with the
Gold One Agreement, if any, will be paid to First Uranium.

As previously reported, as both transactions were completed and implemented on or
before October 5, 2012, in accordance with the trust indenture for the 4.25%
unsecured convertible debentures (the “Debentures”), the final 3% of the principal
amount of the outstanding Debentures being CAD$4.5 million, which was payable
only to the extent of the Corporation receiving funds from the escrows, to a
maximum of CAD$4.5 million, is now payable to the holders of the Debentures. Upon
receipt of the US$25 million referred to above, and in accordance with the trust
indenture for the Debentures, on January 28, 2013, the Corporation will pay to the
indenture trustee for the Debentures CAD$4.5 million (being 3% of the principal
amount owing as of April 30, 2012) for further payment to the holders of the
Debentures.
Once the amount of the escrow funds to be released in accordance with the Gold
One Agreement is determined, and subject to the establishment of a reserve for any
continuing and contingent obligations of the Corporation, the Board of the
Corporation will determine an additional amount to be distributed to the holders of
the Units from this amount and the balance of the AGA escrow amount less the
CAD$4.5 million.

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.

For further information, please contact:
Mary Batoff, +1 416 306 3072 or mary@firsturanium.ca

Canada
Sponsor: Investec Bank Ltd

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




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