First Uranium reduces debt, considers way forward
JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed First Uranium Corporation on Friday said it had reduced its current liabilities to $6.2-million by the end of the third quarter, compared with the $268.8-million a year ago.
The group’s current assets increased from $4.2-million in March 2012, to $34.6-million – of which $30-million was restricted cash – as at December 31, 2012.
The liabilities as at December comprised C$4.5-million related to the maximum principal amount outstanding of the debentures, $1.5-million tax payable provision and $300 000 trade and other payables.
First Uranium reported raising $388.4-million in cash proceeds from the sale of its principal assets during the second quarter and repaid all debt and other obligations.
Over $300-million was used to settle Canadian dollar and rand notes of C$110-million and R418.6-million respectively, a $10-million Gold One loan facility and C$145.5-million of the C$150-million unsecured convertible debentures outstanding.
The final C$4.5-million due under the trust indenture for the debentures was paid in February, following the release of further proceeds from escrow.
The group sold its subsidiary Mine Waste Solutions to AngloGold Ashanti for $335-million, of which the balance of $25-million was released in January.
The $5-million balance of the $70-million proceeds from the sale of First Uranium Limited, which owns Ezulwini Mining, to Gold One International had been released from escrow in February.
Firtst Uranium commented that no decision had yet been made over the forthcoming wind-up and dissolution of the company; however, the group was set to consider the “most efficient and orderly” way of distributing its remaining property to its shareholder, with an additional amount set to be distributed by March.
The group made an initial distribution in October of C$0.125 a unit, totalling $30.3-million, to shareholders.
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