For the Management Discussion & Analysis and Financial
Statements please refer to the Corporation's website at
www.firsturanium.com. All amounts are in US dollars ("$"), except
where otherwise indicated.
TORONTO and
JOHANNESBURG, Aug. 12, 2013 /CNW/ - First Uranium Corporation
(NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the
Corporation") today announced its financial results for the three
months ended June 30, 2013.
Abbreviation |
Period |
Abbreviation |
Period |
Q1 2013
Q2 2013
Q3 2013
Q4 2013
FY 2013 |
April 1, 2012 - June 30, 2012
July 1, 2012 - September 30, 2012
October 1, 2012 - December 31, 2012
January 1, 2013 - March 31, 2013
April 1, 2012 - March 31, 2013 |
Q1 2014
Q2 2014
Q3 2014
Q4 2014
FY 2014 |
April 1, 2013 - June 30, 2013
July 1, 2013 - September 30, 2013
October 1, 2013 - December 31, 2013
January 1, 2014 - March 31, 2014
April 1, 2013 - March 31, 2014 |
Corporate Overview
During Q1 2013, First Uranium had 238,434,935
Units trading on the NEX (FIU.H). The Corporation also has a
secondary listing on the JSE Limited and the Units trade under the
symbol FUU. Each Unit is currently comprised of 77.3 Class A
Special Shares and 1 Class B Common Shares.
The Corporation is considering 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 remaining creditors), as well as
investigating alternatives, which may include the prospect for a
business combination or sale of the Corporation. If no viable
alternatives are available to the Corporation, 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.
Summary of Financial Results
The Corporation reported a profit from its
continuing operations of $0.03
million in Q1 2014 (Q1 2013: loss of $10.3 million).
Prior to the disposal of its discontinued
operations in Q2 2013, the Corporation reported profits from its
discontinued operations of $34.4
million in Q1 2013, comprised of $31.1 million from Mine Waste Solutions and
$3.3 million from the Ezulwini
Mine. The primary driver for the profit in Q1 2013 was the
derivative income related to the gold stream transactions compared
to the derivative expense recognized in previous reporting
periods.
During Q1 2014, the Corporation utilized
$0.5 million of its remaining cash on
ongoing corporate expenses. During Q1 2013, the Corporation
(including its discontinued operations) generated $4.1 million cash from its operations and
utilized $3.6 million on capital
projects and other investing activities related to its discontinued
operations.
As at June 30,
2013, the Corporation's current assets were $4.6 million (March 31,
2013: $4.6 million) and its
current liabilities amounted to $1.3
million (March 31, 2013:
$1.3 million), consisting of a
$1.0 million tax payable provision
and $0.4 million of trade and other
payables.
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