Johannesburg - First Uranium Corporation (FUU) announced on Monday that it has received US$25 million‚ being the balance of the US$335 million purchase price for the shares of Mine Waste Solutions (Proprietary) Limited‚ which amount had been held in escrow pursuant to the sale agreement with AngloGold Ashanti Limited (AGA).
The US$5 million balance of the US$70 million sale proceeds from the sale of First Uranium Limited‚ which owns all of the shares of Ezulwini Mining Company (Proprietary) Limited‚ to Gold One International Limited continues to be held in escrow pending the end of the Gold One escrow period on February 1‚ 2013‚ after which this amount‚ less any claims made and payable in accordance with the
Gold One Agreement‚ if any‚ will be paid to First Uranium.
First Uranium said it would consider the most efficient and orderly way in which to distribute to the shareholders all remaining property of the corporation after payment of the corporation’s creditors.
The corporation may then proceed to be wound up and dissolved.
However‚ it pointed out that the Board has not made any decisions with respect to the “windup and dissolution at this time”. - I-Net Bridge