First Uranium announces receipt of US$5 million from Gold One Escrow.
TORONTO and JOHANNESBURG, Feb. 1, 2013 /CNW/ - First Uranium Corporation
(NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the
Corporation") today announced that it received US$5 million, being the
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.
As previously reported on January 21, 2013, the Corporation 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 with
AngloGold Ashanti Limited. From these funds, the Corporation used
CAD$4.5 million (being 3% of the principal amount owing as of April 30,
2012) to repay the final amount due under the trust indenture for the
4.25% unsecured convertible debentures (the "Debentures"). This final
payment resulted in the Debentures being redeemed in full on January
28, 2013.
The Board of the Corporation will determine, subject to the
establishment of a reserve for any continuing and contingent
obligations of the Corporation, an additional amount to be distributed
to the holders of the Units. It is the Corporation's present
intention, subject to the requirements of the stock exchanges, to
effect an additional distribution to shareholders by the end of March
2013.
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.
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
SOURCE: First Uranium Corporation
Mary Batoff, +1 416 306 3072 or mary@firsturanium.ca