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