JOHANNESBURG (miningweekly.com) – Not long after appointing Simmer & Jack Mines (Simmers) CEO Deon van der Mescht as interim CEO, TSX- and JSE-listed First Uranium has now also appointed an interim chairperson, after former chairperson Nigel Brunette stepped down.

The uranium miner, which has been facing some financial challenges in recent months, announced on Thursday that Brunette had resigned as part of the planned restructuring of the First Uranium board, in connection with the company’s proposed private placement of up to $150-million.

First Uranium lead independent director Robert Franklin has been appointed as interim chairperson.

Van der Mescht was appointed as interim CEO on March 12, to take over the position of Gordon Miller.

Miller had once also been the CEO of Simmers, while Brunette had been Simmers’ chairperson, until stepping down in January this year under pressure from Vulisango, which was the empowerment partner in the Jaganda company, which holds a 44% stake in Simmers.

First Uranium announced earlier this month that it would undertake a private placement of between $125-million and $150-million, the proceeds of which it would use to fund the uranium-miner’s Mine Waste Solutions tailings recovery project and other expenses.

Simmers would purchase C$40-million of the notes, while Gold Wheaton would buy C$20-million of the notes.

Between C$65-million and C$110-million of notes would be offered to accredited investors of RBC Capital Markets.

First Uranium reported on Tuesday that it expected to close the offering in escrow on April 8, with the proceeds to be held in escrow until April 30, or on the date that the escrow release conditions were fulfilled.

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