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RECAPITALISATION
 
First Uranium receives extension of TSX review
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8th July 2010
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JOHANNESBURG (miningweekly.com) - Uranium- and gold-miner First Uranium said that it had received a 30-day extension of its TSX-listing review that was originally scheduled for early July.

The JSE- and TSX-listed company agreed a private placement offering of between C$125-million and C$150-million in senior secured convertible notes due in March 2013, as part of its recapitalisation plans and the financing relied upon exemption from the security holder approval requirements of the TSX.

First Uranium said that it requested an extension, owing to the fact that it was still in the process of completing a "bottom-up" review of its Ezulweni mine plan to ensure that the projected financials for the project were confirmed.

Consequently, the TSX decided to grant the extension, which would allow First Uranium sufficient time for the review of the mine plan and projected financial results to be completed and incorporated into the company's submission.

First Uranium is focused on becoming a significant low-cost producer of uranium and gold through the expansion of the underground development to feed its 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 situated in South Africa.

The funding would be used for: the miner's Mine Waste Solutions tailings recovery project, capital expenditures including the completion of the first gold module and uranium plant, a new tailings facility, a third gold plant module, restructuring, financing and interest expenses and for general corporate purposes.

 

Edited by: Mariaan Webb

 

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