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
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.