| Wed 15 Feb 2012, 9:39 | | MWNT - Mine Waste Solutions (Proprietary) Limited - First Uranium reports |
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JSE MWNT
MWNT
MWNT - Mine Waste Solutions (Proprietary) Limited - First Uranium reports
financial results for the three and nine months ended December 31, 2011 and
cautionary announcement
Mine Waste Solutions (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/1443/07)
(a wholly-owned subsidiary of First Uranium Corporation)
JSE code MWNT ISIN: ZAE000156261
14 February 2012
FIRST URANIUM REPORTS FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED
DECEMBER 31, 2011 AND CAUTIONARY ANNOUNCEMENT
All amounts are in US dollars unless otherwise noted.
Johannesburg - Mine Waste Solutions (Proprietary) Limited (JSE:MWNT) (ISIN: ZAE
ZAE000156261)("the Company") today announced that its parent company, First
Uranium Corporation ("First Uranium" or "the
Corporation")(ISIN:CA337744R1029)released its consolidated unaudited financial
results for the three and nine month period ended December 31, 2011 ("Q3 2012").
First Uranium`s news release, Q3 2012 Management Discussion & Analysis
("MD&A")and Financial Statements have been posted to the First Uranium website
at www.firsturanium.com.
Aforementioned MD&A and Financial Statements reports that as previously reported
in July 2011, the Board of directors First Uranium empowered a Special Committee
to monitor developments and undertake a strategic review of the Company and its
capital structure and to advise on any strategic alternatives that may be in the
interests of First Uranium and stakeholders of First Uranium. This includes
reviewing available alternatives for the settlement of the 4.25% unsecured
convertible debentures ("Debentures") that mature in June 2012 and alternatives
for settlement of the Canadian denominated 7% secured convertible notes issued
by First Uranium and the Rand denominated 11% secured convertible notes (the
"Rand Notes") issued by the Company (collectively the "Notes") that mature in
March 2013.
As part of the process, and in response to proposals received from third
parties, First Uranium is in negotiations to dispose of its principal assets. If
First Uranium is successful in entering into definitive agreements with these
third parties and fulfilling all conditions precedent, including obtaining
necessary regulatory and stakeholder approvals, the proceeds would enable it to
meet its outstanding obligations.
In order to address any potential short-term cash constraints, First Uranium is
also in negotiations for a short-term bridge lending facility.
However, there can be no assurance that these discussions will result in the
execution of definitive agreements with regards to these transactions or that
these transactions will be consummated within the time frame required to settle
the outstanding obligations of the Debentures and the Notes.
Noteholders are accordingly advised to use caution when trading in the Company`s
Rand Notes until further notice.
For further information, please contact:
Deon van der Mescht - CEO
+27 82 807 0160
deon.vdmescht@firsturanium.com
Cautionary Language Regarding Forward-Looking Information
This announcement 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). The Company`s plans involve various estimates and assumptions and
its business and operations are subject to various risks and uncertainties,
including without limitation, the successful conclusion of the sale of assets,
securing of bridge financing and the outcome of the appeal of the Water Use
License by FSE. No assurances can be given that the discussions regarding the
sale of assets and bridge financing will result in the execution of definitive
agreements or that the transactions will be consummated within the time frame
required to settle the outstanding obligation of the Debentures and the Notes.
Until definitive agreements are completed and all conditions precedent
thereunder are fulfilled, there will still be significant doubt as to the
ability of the Company to meet its obligations as they become due and,
accordingly the appropriateness of the use of accounting principles applicable
to a going concern. For more details on these estimates, assumptions, risks and
uncertainties, see the Company`s Pre-Listing Statement available on First
Uranium`s website www.firsturanium.com and First Uranium`s 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.
Sponsor
Investec Bank Limited
15 February 2012
Date: 15/02/2012 09:39:01 Produced by the JSE SENS Department.
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