JOHANNESBURG (miningweekly.com) - Toronto- and Johannesburg-listed First Uranium Corporation said on Monday it had received the $5-million balance of the $70-million in proceeds from the sale of its South African subsidiary First Uranium Limited, which owned the Ezulwini Mining Company, to Gold One International.
The escrow period ended on February 1.
The corporation had announced on January 21 that it had received $25-million, the remainder of the $335-million purchase price for its subsidiary Mine Waste Solutions, which had been held in escrow under the sale agreement with AngloGold Ashanti, dated March 2, 2012.
Of these funds, the First Uranium Corporation used C$4.5-million to repay the final amount due under the trust indenture for the 4.25% unsecured convertible debentures. The debentures were, thus, redeemed in full on January 28.
The corporation indicated that its board would determine, subject to the establishment of a reserve for any of its continuing and contingent obligations, an additional amount to be distributed to shareholders by the end of March, subject to the requirements of the stock exchanges.
It would also consider the most efficient and orderly manner in which to distribute to the shareholders all remaining property of the corporation following the payment of its creditors.
The corporation may then be wound up and dissolved; however, the board had yet to take decisions in this regard.