* Shareholders’ meeting on June 13 to decide on sale of mine
* First Uranium shares fall 8 pct
April 24 (Reuters) – Canadian miner First Uranium Corp
said it received another offer for its Ezulwini mine in
South Africa as the company looks to liquidate itself to pay off
its debts.
First Uranium, which has a market value of about $29
million, said on Tuesday Waterpan Mining Corp and Transalloys
Ltd offered to pay $80 million for the gold-uranium mine. The
offer includes $10 million to be paid in advance as short-term
bridge financing.
First Uranium, whose financial obligations include C$150
million ($151.8 million) in convertible debt due in June, last
month also put Mine Waste Solutions, its tailings recovery
project in South Africa, up for sale.
The gold and uranium miner had agreed to sell the Ezulwini
mine to Australian miner Gold One International Ltd for
$70 million. Gold One will also provide a $10 million loan
facility.
First Uranium sold 8,061 ounces of gold in the fourth
quarter from the Ezulwini mine.
A special meeting of First Uranium’s shareholders will be
held on June 13 to decide on the sale of the Ezulwini mine and
Mine Waste Solutions, the company said in a statement.
First Uranium remains committed to Ezulwini’s sale to Gold
One but it will let its shareholders decide whether to go ahead
with the sale agreement, the statement added.
The company’s shares, which have lost 59 percent of their
value in the last three months, were down 8 percent at 11
Canadian cents in afternoon trading on the Toronto Stock
Exchange.
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