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First Uranium shares soared in the first hour of trade yesterday after the group said it was in talks to sell principal assets to help redeem debt due this year and in 2013. The stock leapt 21 percent to R1.88 early in the session, but all the gains were given up later as the shares closed unchanged at R1.55. A committee set up to review the firm’s capital structure had been assessing the options for the group since July last year, chief executive Deon van der Mescht said. And now it was in talks to “dispose of its principal assets”. The committee had evaluated alternatives for debentures maturing in June 2012 and notes in March 2013. First Uranium was arranging a bridge lending facility to address potential short-term cash constraints. “The company’s ability to continue (depends on) its ability to bring these proposed transactions to fruition,” it said. – Bloomberg
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