June 8 (Reuters) – Canadian miner First Uranium Corp
said Kumvest Pvt Ltd will offer to buy a 26 percent
stake in the company at 37 Canadian cents per share, a premium
of almost 95 percent to the stock’s Friday close, if some
conditions are met.
Sandton, Johannesburg-based Kumvest, a holding company with
a diversified portfolio of public and private companies, is
owned by financier Mandla “Bear” Kumalo, according to the
company’s website.
Kumvest’s conditions include an opposition by First Uranium
shareholders to the sale of the company’s Ezulwini mine to Gold
One International Ltd, and the appointment of a new management
team.
“Based upon limited due diligence of Kumvest the board of
directors of FIU has determined that Kumvest styles itself as a
holding company but can find no specific information about its
interests,” First Uranium said.
In April, the company said Waterpan Mining Corp and
Transalloys Ltd offered to pay $80 million for its gold-uranium
mine in South Africa.
First Uranium shares closed at 19 Canadian cents on the
Toronto Stock Exchange on Friday.
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