| Mon 1 Jun 2009, 15:58 | | FUM - First Uranium Corporation - First Uranium Corporation closes $106 750 000 |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium Corporation closes $106,750,000
bought deal financing
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
FIRST URANIUM CORPORATION CLOSES $106,750,000 BOUGHT DEAL FINANCING
All amounts are in Canadian dollars unless otherwise noted.
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination in
the United States.
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or the "Company") announced today that it
has completed its previously announced bought deal offering (the "Offering") of
15,250,000 common shares of First Uranium at a price of $7.00 per share for
gross proceeds of $106,750,000.
The syndicate for the Offering was led by Scotia Capital Inc. and included
Macquarie Capital Markets Canada Ltd., RBC Capital Markets, National Bank
Financial Inc. and Raymond James Ltd. The Company has granted the underwriting
syndicate an over-allotment option to purchase up to an additional 2,287,500
common shares at the price of $7.00 per share. The option is exercisable, in
whole or in part, within the next 30 days to cover over-allotments, if any, and
for market stabilization purposes.
The Company intends to use the net proceeds from the Offering:
* to accelerate the construction of the pressure leach portion of the uranium
circuit at the Mine Waste Solutions tailings recovery operation to more
quickly realize higher uranium and gold recoveries;
* for potential consolidation opportunities; and
* for general corporate purposes.
This news release does not constitute an offer to sell or the 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 "1933 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 1933 Act and applicable state securities laws or an
exemption from such registration is available.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming
a significant low-cost producer of uranium and gold through the expansion of
the underground development to feed the new uranium and gold plants at the
Ezulwini Mine and through the expansion of the plant capacity of the Mine Waste
Solutions tailings recovery facility, both in South Africa. First Uranium also
plans to grow production by pursuing value-enhancing acquisition and joint
venture opportunities in South Africa and elsewhere.
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 416 342-5639 (office), 416 558-3858 (mobile) or bob@firsturanium.ca
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 including, without limitation, statements
regarding processing and development plans and future plans and objectives of
First Uranium are forward-looking statements (or forward-looking information)
that involve various risks and uncertainties. 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.
1 June 2009
Sponsor: Investec Bank Limited
Date: 01/06/2009 15:58:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
