For the Management Discussion & Analysis and Financial Statements please
refer to the Corporation's website at www.firsturanium.com.
TORONTO AND JOHANNESBURG, Feb. 14, 2013 /CNW/ - First Uranium
Corporation (NEX TSX-V:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First
Uranium" or "the Corporation") today announced its financial results
for the three and nine months ended December 31, 2012.
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Abbreviation
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Period
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Abbreviation
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Period
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Q1 2012
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April 1, 2011 - June 30, 2011
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Q1 2013
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April 1, 2012 - June 30, 2012
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Q2 2012
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July 1, 2011 - September 30, 2011
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Q2 2013
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July 1, 2012 - September 30, 2012
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Q3 2012
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October 1, 2011 - December 31, 2011
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Q3 2013
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October 1, 2012 - December 31, 2012
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Q4 2012
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January 1, 2012 - March 31, 2012
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Q4 2013
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January 1, 2013 - March 31, 2013
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FY 2012
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April 1, 2011 - March 31, 2012
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FY 2013
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April 1, 2012 - March 31, 2013
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2012 YTD
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April 1, 2011 - December 31, 2011
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2013 YTD
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April 1, 2012 - December 31, 2012
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Summary
Following the disposal of First Uranium's principal assets in Q2 2013
and the repayment of all of its debt and other obligations, other than
Cdn$4.5 million related to the 4.25% unsecured convertible debentures
(the "Debentures") during Q2 2013, the Corporation made an initial
distribution (the "Distribution") on October 1, 2012 of Cdn$0.125
(ZAR1.05) per unit to shareholders of the Corporation, totaling $30.3
million, in the form of a redemption of 12.5 Class A Special Shares at
a price per share of Cdn$0.01 (ZAR0.08402).
On January 22, 2013 and February 1, 2013, respectively, the escrow funds
related to the sale of MWS to AngloGold Ashanti Limited ("AGA") ($25
million) and the sale of the Ezulwini Mine to Gold One International
Limited ("Gold One") ($5 million), was released to the Corporation.
On January 28, 2013, the Corporation repaid the remaining amount
(Cdn$4.5 million) due under the Trust Indenture for the Debentures.
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.
Results for Q3 2013
The Corporation reported losses from its continuing operations of $0.6
million and $20.7 million in Q3 2013 (Q3 2012: $14.3 million) and 2013
YTD (2012 YTD: $42.4 million), respectively.
Prior to the disposal of its discontinued operations in Q2 2013, the
Corporation reported a profit from its discontinued operations of
$108.6 million in 2013 YTD, compared to losses of $98.1 million in Q3
2012 and $131.4 million in 2012 YTD. The primary drivers for the
improvements over comparative periods were the $78.9 million profit on
disposal of the Corporation's principal assets during Q2 2013 along
with the derivative income related to the discontinued operations' Gold
Stream Transactions of $35.0 million recognized in Q1 2013 compared to
a derivative expense recognized in Q3 2012 and 2013 YTD of $83.7
million and $19.0 million, respectively.
The Corporation (including discontinued operations) utilized $0.9
million and $11.0 million cash from its operations in Q3 2013 (Q3 2012:
$4.0 million) and 2013 YTD (2012 YTD: $5.9 million). Prior to the
disposal of its discontinued operations in Q2 2013, the Corporation
utilized $6.9 million during 2013 YTD (2012 YTD: $30.1 million) on
capital projects at its discontinued operations. For Q3 2012, $7.7
million was utilized on capital projects at its discontinued
operations. During Q2 2013, the Corporation raised $388.4 million cash
proceeds from the disposal of its principal assets and used a
substantial portion of the cash proceeds raised ($317.3 million) to
settle the Cdn$110 million Canadian Notes ($109.0 million), the
ZAR418.6 million Rand Notes ($51.5 million), the $10 million Gold One
loan facility and Cdn$145.5 million ($146.8 million) of the Cdn$150
million principal amount of Debentures outstanding. During Q3 2013 the
Corporation utilized $30.3 million of the remaining proceeds to pay the
Distribution as discussed under the Summary section of this news
release to the Corporation's shareholders.
As at December 31, 2012, current assets were $34.6 million (March 31,
2012: $4.2 million), of which $30.0 million was restricted cash. The
restricted cash related to the deferred payments pursuant to the sales
transactions.
The Corporation's current liabilities amounted to $6.2 million at the
end of Q3 2013 (March 31, 2012: $268.8 million) and consisted of $4.5
million related to the maximum principal amount remaining outstanding
of the Debentures, $1.5 million tax payable provision and $0.3 million
trade and other payables. The $4.5 million liability related to the
Debentures was settled in full on January 28, 2013.
Non-IFRS Measures
The Corporation believes that in addition to conventional measures
prepared in accordance with IFRS, the Corporation and certain investors
and analysts use certain other non-IFRS financial measures to evaluate
the Corporation's performance including its ability to generate cash
flow and profits from its operations. The Corporation has included
certain non-IFRS measures in this document. Non-IFRS measures do not
have any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other companies.
The data is intended to provide additional information and should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Readers are advised to
read all IFRS accounting disclosures presented in the Corporation's
Financial Statements for more detail.
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