TORONTO (miningweekly.com) – Gold- and uranium-miner First Uranium will raise C$61,5-million to fund the ongoing development of its Ezulwini mine and Mine Waste Solutions (MWS) tailings-recovery operation, in South Africa, the firm said on Tuesday.
First Uranium has entered into a bought-deal private placement offering with a syndicate of underwriters, which will buy 20,5-million units at C$3,00 apiece, with each unit comprising one common share and one half of a common share purchase warrant.
Each full warrant will entitle the holder to buy one First Uranium share at C$4,15 for 24 months after the offering closes.
The underwriting syndicate is led by Macquarie Capital Markets Canada and includes Scotia Capital and National Bank Financial.
The offering is expected to close on February 11, First Uranium said.
The company said in November last year that it would commission the second gold module and first two uranium modules at the MWS operation by mid-2009.
The uranium plant at Ezulwini was also nearing completion, and would be commissioned during the first quarter, the company said at the time. The firm had previously expected the plant to have been completed by October 2008.
First Uranium shares closed in Toronto at C$3,16 on Monday, after gaining 2,6%, or C$0,08 a share.