| Thu 30 Aug 2007, 16:24 | | FUM - First Uranium Corporation - News release |
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FUM
FIU
FUM - First Uranium Corporation - News release
First Uranium Corporation
(Continued under the laws of British Columbia, Canada)
(Registration number C0777384)
(South African registration number 2007/009016/10)
Share code: FUM & ISIN: CA33744R1029
NEWS RELEASE - August 30, 2007
FIRST URANIUM`S $150 MILLION OF SENIOR UNSECURED CONVERTIBLE DEBENTURES TO BE
LISTED FOR TRADING
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Corporation") today announced that
effective September 4, 2007 its $150 million of 4.25% Senior Unsecured
Convertible Debentures (the "Debentures") will be listed for trading on the
Toronto Stock Exchange under the symbol FIU.DB (CUSIP:33744R AA 0). All dollar
amounts referenced in this news release are in Canadian dollars.
The Debentures bear interest at a rate of 4.25% per annum payable semi-annually.
The first interest payment was paid on June 30, 2007 in the amount of $6.753 per
$1,000 principal amount of Debentures and represented accrued interest paid from
May 3, 2007 up to, but excluding, June 30, 2007. The second interest payment
will be payable on December 31, 2007 in the amount of $21.25 per $1,000
principal amount of Debentures and will represent accrued interest payable from
June 30, 2007 up to, but excluding, December 31, 2007. Interest will be
computed on the basis of a 365-day year.
The Debentures are due June 30, 2012 and were issued on May 3, 2007 pursuant to
a private placement. The Debentures are convertible into common shares of the
Company at $16.42 per share, which is equivalent to 60.90 common shares for each
$1,000 principal amount of Debentures.
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 Mine in South Africa;
together with the net proceeds of the December 2006 initial public offering to
fund the development of the Company`s Ezulwini Mine and its Buffelsfontein
Tailings Recovery Project, also in South Africa; and
for general corporate purposes.
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 Mine, and the construction of the
Buffelsfontein Tailings Recovery Project. 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:
Bob Tait, VP Investor Relations at 416 558-3858 or bob@firsturanium.com
Sponsor:Investec Bank Limited
Date: 30/08/2007 16:24:01 Produced by the JSE SENS Department.
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