TORONTO AND JOHANNESBURG, June 11, 2012 /CNW/ - First Uranium
Corporation (TSX: FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the
"Company") received the following information by way of email today
from Mr. Nick Betsky on behalf of Olma Investment Firm, Stratton
Enterprises Inc. and Patto Corporate Services,
" Dear Sirs:
RE : increase in the distribution to shareholders, as announced on June
In light of First Uranium Corporation's ("Company") June 6, 2012
announcement of the increased distribution to shareholders to the
amount of US$75,9 million or Cdn$0,33 per share, we plan to support the
proposed transactions on June 13, 2012 GSM.
We still feel very strongly that the BOD, RBC and management have not
acted in the best interest of shareholders but due to the time
constraints, at this point we see no other choice but to vote YES.
As you are aware from April 30 letter from our legal counsel, we have
commenced preparation for the legal proceedings against the Board.
Should the distribution to the shareholders indeed amount to no less
than Cdn$0,33, we agree to discontinue legal actions against the Board.
Olma Investment Firm
Stratton Enterprises Inc
Patto Corporate Services "
The board of directors of FIU met today to determine whether to engage
with Kumvest (Pty) Ltd., which announced a highly conditional proposal
on June 8, 2012. On the advice of financial and legal advisors, the
board decided there is no basis to proceed with this proposal.
If you have any questions about the information contained in the
management information circulars or require assistance with voting your
securities, please contact Kingsdale Shareholder Services Inc. by
telephone at 1-866-581-1571 toll-free in North America, or at
1-416-867-2272 outside of North America (collect calls accepted), or by
email at firstname.lastname@example.org.
About First Uranium Corporation
First Uranium Corporation operates the Ezulwini Mine, an underground
mining operation, and Mine Waste Solutions, a tailings recovery
facility. Both operations are situated in South Africa.
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
Company'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 Company'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, including without
limitation, the statements regarding the proposed transactions with
Gold One International Limited and AngloGold Ashanti Limited.
Accordingly, readers should not place undue reliance on forward-looking
statements that are included herein, except in accordance with
applicable securities laws.
SOURCE First Uranium Corporation
For further information:
John Hick or Mary Batoff