| Fri 4 Jun 2010, 11:23 | | FUM - First Uranium Corporation - Simmer and Jack Reviewing financing options |
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FUM
FIU
FUM - First Uranium Corporation - Simmer and Jack Reviewing financing options
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: CA 33744R1029
NEWS RELEASE - June 4, 2010
SIMMER AND JACK REVIEWING FINANCING OPTIONS
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or the "Company") today announced that
Simmer and Jack Mines, Limited, ("Simmer & Jack") has announced that Simmer &
Jack is currently investigating alternatives to its proposed rights offer of
R360 million secured convertible redeemable bonds in Simmer & Jack, including
the listing and sale of a portion of the R463.9 million (C$62.7 million) secured
convertible notes issued by Mine Waste Solutions (Proprietary) Limited ("MWS
Rand Notes") and purchased by Simmer & Jack as part of the First Uranium`s
recapitalization financing. The listing and potential sale of a portion of the
MWS Rand Notes by Simmer & Jack is being considered solely for the purpose of
raising capital required by Simmer & Jack and to minimize dilution of Simmer &
Jack shareholders.
Simmer & Jack expects to have reached a decision relating to the manner in which
it will raise funds on or around June 22, 2010. Simmer & Jack`s requirements to
raise capital will have no affect on First Uranium`s recently completed
recapitalization refinancing.
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:
Jim Fisher, EVP Corporate Development, email: jim@firsturanium.ca
+1 416 342-5636
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.
4 June 2010
Sponsor: Investec Bank Limited
Date: 04/06/2010 11:23:01 Produced by the JSE SENS Department.
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