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FUM
FIU
FUM - First Uranium Announces Completion Of Cdn$150 Million Senior
Unsecured Convertible Debenture Offering
FIRST URANIUM CORPORATION
Registration Number: C0777384
ISIN: CA33744R1029
(Continued under the laws of British Columbia, Canada)
SA Company Registration Number: 2007/009016/10
TSX Share code: FIU
JSE Share code: FUM
NEWS RELEASE - MAY 3, 2007
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
FIRST URANIUM ANNOUNCES COMPLETION OF CDN$150 MILLION SENIOR UNSECURED
CONVERTIBLE DEBENTURE OFFERING
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today reported the
completion of its previously announced private placement of CDN$150
million aggregate principal amount of 4.25% senior unsecured convertible
debentures (the "Debentures") due June 30, 2012.
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 syndicate for the offering of Debentures was led by RBC Capital
Markets and included Canaccord Capital Corporation, National Bank
Financial Inc., GMP Securities L.P., Cormark Securities Inc., Orion
Securities Inc. and Raymond James Ltd.
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.
The TSX has conditionally approved the listing of the Debentures subject
to standard listing conditions. It is expected that trading of the
Debentures on the TSX will commence on or about September 4, 2007.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the Company`s securities in the United States.
The Company`s 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: 03/05/2007 17:04:40 Produced by the JSE SENS Department.
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