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First Uranium seeks to block counter-bid

Johannesburg - Exploration and mining company First Uranium Corporation [JSE:FUM] has cautioned investors against acting on any offer that was not unconditional, or was coercive.

The company was responding to media reports that Waterpan Mining Consortium intended to make an offer to acquire 100% of First Uranium’s shares.

According to First Uranium, Waterpan would require funding in excess of $450m to acquire the company, and the time it would take for a formal bid to be made could extend beyond June 30, the deadline by which the company had to settle its debts.

The board at First Uranium has entered into a agreement sell Ezulwini mine to Gold One International [JSE:GDO] in a deal worth $70m, and Mine Waste Solutions, its tailings operations, to AngloGold Ashanti [JSE:ANG] in a deal worth $335m.

Shareholders are scheduled to vote on the $405m deal at a special meeting on June 11.

 
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