| Tue 30 Mar 2010, 16:08 | | FUM - First Uranium Corporation - First Uranium Convertible Note Financing |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium Convertible Note Financing
Update
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 - March 30, 2010
FIRST URANIUM CONVERTIBLE NOTE FINANCING UPDATE
(all amounts are in Canadian dollars unless otherwise indicated)
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or the "Company") today states that the
previously-announced private placement offering (the "Offering") for a minimum
of $125 million and maximum of $150 million in senior secured convertible notes
due March 31, 2013 (the "Notes") is expected to close in escrow on or around
April 8, 2010, not March 31, 2010, as previously disclosed. The date has been
changed to allow time for receipt of regulatory approvals and the registration
of the security documents.
The proceeds will be held in escrow until the earlier of: i) the close of
business on April 30, 2010 (EDT) or ii) the date the escrow release conditions
are satisfied including receipt of required South African regulatory approvals,
the registration of the security documents and the meeting of other standard
closing requirements. If the escrow conditions are completed as contemplated,
the Notes will accrue interest from the date of the escrow closing. However, if
the escrow conditions are not met by April 30, 2010, investors will have the
right to put the bond and receive par, without any accrued interest. The
Company anticipates that it will be able to meet the escrow release conditions
prior to April 30, 2010.
These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state,
and may not be offered or sold in the United States unless an exemption from
registration is available. This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities in the United
States.
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 operations situated in South Africa.
For further information, please contact:
Bob Tait, Vice President, Investor Relations at bob@firsturanium.ca
+1 416 342-5639 (office) or +1 416 558-3858 (mobile)
1240-155 University Avenue, Toronto, ON M5H 3B7
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). No assurance can be given that the transactions contemplated
herein will be concluded. The Company`s plans involve various estimates and
assumptions and its business and operations are subject to various risks and
uncertainties. For more details on these estimates, assumptions, risks and
uncertainties, see the Company`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.
30 March 2010
Sponsor:
Investec Bank Limited
Date: 30/03/2010 16:08:01 Produced by the JSE SENS Department.
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