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FUM
FIU
FUM - First Uranium - Pricing of CDN$150 million offering of Senior Unsecured
Convertible Debentures
FIRST URANIUM CORPORATION
Registration Number: C0777384
ISIN: CA33744R1029
Share code: FUM
("First Uranium" or "the Company")
NEWS RELEASE - April 19, 2007
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES
FIRST URANIUM ANNOUNCES PRICING OF CDN$150 MILLION OFFERING OF SENIOR UNSECURED
CONVERTIBLE DEBENTURES
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced the
pricing of its private placement of 4.25% senior unsecured convertible
debentures (the "Debentures") due June 30, 2012 and an increase in the aggregate
principal amount of Debentures to be sold to CDN$150 million. The sale of the
Debentures is expected to close on May 3, 2007.
The Debentures will bear interest at a rate of 4.25% per annum payable semi-
annually and will be convertible into common shares of the Company at CDN$16.42
per share representing a conversion premium of approximately 37.5% to the
closing price of the shares on the Toronto Stock Exchange (the "TSX") on April
18, 2007.
The closing of the transaction is subject to certain conditions including the
approval of the TSX and the Johannesburg Stock Exchange.
The syndicate for the offering of Debentures is being led by RBC Capital Markets
and includes Canaccord Capital Corporation, National Bank Financial Inc., GMP
Securities L.P., Cormark Securities Inc., Orion Securities and Raymond James.
The Company intends to use the net proceeds from the sale of the Debentures:
- to fund a drilling program and feasibility study in respect of the possible
expansion of its Ezulwini underground uranium and gold project in South
Africa;
- together with the net proceeds of the December 2006 initial public offering
to fund the development of the Company`s Ezulwini underground mining
project and its Buffelsfontein tailings recovery project, also in South
Africa; and
- for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
This document may contain or refer to forward-looking information based on
current expectations. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.
About First Uranium Corporation
First Uranium Corporation is focused on the development of South African uranium
and gold mines with the goal of becoming a significant producer through the re-
opening and development of the Ezulwini underground mine, and the construction
of the Buffelsfontein tailings recovery facility. First Uranium also plans to
grow production by pursuing acquisition and joint venture opportunities.
First Uranium Corporation
1240-155 University Avenue, Toronto, ON Canada M5H 3B7
www.firsturanium.com
For further information, please contact:
Gordon Miller, President and Chief Executive Officer at +27 11 830 0390 or Bob
Tait, VP Investor Relations at 416 558-3858 or bob@firsturanium.com
Date: 19/04/2007 08:01:55 Produced by the JSE SENS Department.
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