NR said "expected"..."on or around" ....could be next week. Control of the the timing of the approval is out of FIU's hands. Up to OSC and SA regulatories.
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TORONTO and JOHANNESBURG, March 30 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company")
today states that the previously-announced private placement offering (the
"Offering") for a minimum of $125 million and maximum of $150 million in
senior secured convertible notes due March 31, 2013 (the "Notes") is expected
to close in escrow on or around April 8, 2010, not March 31, 2010, as
previously disclosed. The date has been changed to allow time for receipt of
regulatory approvals and the registration of the security documents.
The proceeds will be held in escrow until the earlier of: i) the close of
business on April 30, 2010 (EDT) or ii) the date the escrow release conditions
are satisfied including receipt of required South African regulatory
approvals, the registration of the security documents and the meeting of other
standard closing requirements. If the escrow conditions are completed as
contemplated, the Notes will accrue interest from the date of the escrow
closing. However, if the escrow conditions are not met by April 30, 2010,
investors will have the right to put the bond and receive par, without any
accrued interest. The Company anticipates that it will be able to meet the
escrow release conditions prior to April 30, 2010.
These securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, or the securities laws of
any state, and may not be offered or sold in the United States unless an
exemption from registration is available. This press release does not
constitute an offer to sell or the solicitation of an offer to buy these
securities in the United States.