TORONTO AND JOHANNESBURG, July 20, 2012 /CNW/ - First Uranium
Corporation (TSX:FIU.UN), (JSE:FUU) (ISIN:CA33744R5087) ("First
Uranium" or "the Corporation") announced that today the Implementation
Date occurred, as defined in the agreement (the "AGA Agreement") dated
March 2, 2012 for the sale, indirectly, of all of the shares of Mine
Waste Solutions (Proprietary) Limited ("MWS"), owner of the tailings
recovery project in South Africa, to AngloGold Ashanti Limited.
At this juncture, certain documents relating to the discharge of the
security held for the benefit of the 7% secured convertible notes due
March 31, 2013 (the "Canadian Notes") issued by First Uranium, the 11%
secured convertible notes due March 31, 2013 (the "Rand Notes") issued
by MWS, and the Gold One US$10 million loan facility, have been
registered by the appropriate deeds office releasing all security in
the MWS assets.
Today, Computershare Trust Company of Canada and Computershare Investor
Services (Proprietary) Inc., as Purchase Price Stakeholders will pay:
(i) to BNY Trust Company of Canada, as trustee for the holders of the
Canadian Notes, C$110 million, and to GMG Trust Company (SA) (Pty) Ltd.
(or its agent), as trustee for the holders of the Rand Notes, ZAR418.6
million, (ii) to Gold One, US$10 million plus accrued interest; (iii)
US$25 million to the warranty escrow agent; and (iv) the balance to
Trading in all of the issued and outstanding Canadian Notes (Symbol:
FIU.NT; ISIN: CA33744RAC66 and CA33744RAD40) of First Uranium will be
halted at the opening of trading on the TSX on July 31, 2012 (the
"Redemption Date") and will be delisted at the close of business on
July 31, 2012.
All of the issued and outstanding Canadian Notes have been called for
redemption on the Redemption Date. The redemption price for each
C$1,000 principal amount of Canadian Notes held will be C$1,000 (the
"Redemption Price") and no interest is payable.
As the Canadian Notes trade in the book-entry only system of CDS
Clearing and Depository Services Inc., holders need not take any action
in order to receive their Redemption Price.
MWS has called for the redemption of the Rand Notes and a separate
announcement in respect thereof has been issued on the JSE Limited's
Stock Exchange News Service (SENS).
The Corporation expects that the sale of First Uranium Limited, owner of
the Ezulwini mine, to Gold One International Limited, will be closed by
the end of July 2012.
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 and operations are 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
SOURCE First Uranium Corporation
For further information:
Mary Batoff: (416) 306‐3072, email@example.com