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First Uranium completes C$203 million initial public offering

Fasken
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First Uranium

On December 20, 2006, First Uranium Corporation announced the completion of its initial public offering of 29 million common shares for gross proceeds of C$203 million. First Uranium's common shares began trading on the Toronto Stock Exchange under the symbol "FIU". The offering was sold through an underwriting syndicate led by RBC Capital Markets and including Canaccord Capital Corporation, National Bank Financial, Inc., GMP Securities L.P., Sprott Securities Inc., Orion Securities Inc., Raymond James Ltd. and Wellington West Capital Markets Inc. The Company granted the underwriting syndicate an over-allotment option which, if exercised in full, will result in gross proceeds of the offering totalling approximately $233 million. Immediately prior to the closing of the offering, First Uranium acquired from Simmer & Jack Mines, Limited, a South African company, certain assets, including the shares of First Uranium (Proprietary) Limited and Ezulwini Mining Company (Proprietary) Limited ("EMC"), pertaining to the proposed Ezulwini and Buffelsfontein uranium and gold projects in South Africa. The net proceeds from the Offering will be used by the Company primarily to fund the development of the Ezulwini and Buffelsfontein projects, including the acquisition from a third party of certain surface and underground assets relating to the Ezulwini mine. The net proceeds of the offering will also be used to repay to Simmer & Jack certain indebtedness incurred by Simmer & Jack on EMC's behalf in respect of the Ezulwini mine. First Uranium Corporation was advised by a team from Fasken Martineau comprised of Rob Mason, Jennifer Armstrong, Mitchell Thaw, Jennifer Sloan (student-at-law), Darryl Levitt, John Sabetti, Al Gourley, Scott Mitchell and Dimitri Cavvadas. 

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