For the Management Discussion & Analysis and Financial
Statements please refer to the Corporation's website at
www.firsturanium.com.
TORONTO AND JOHANNESBURG, Feb. 14,
2013 /CNW/ - First Uranium Corporation (NEX TSX-V:FIU.H)
(JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the
Corporation") today announced its financial results for the three
and nine months ended December 31,
2012.
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Abbreviation |
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Period |
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Abbreviation |
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Period |
Q1 2012 |
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April 1, 2011 - June 30, 2011 |
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Q1 2013 |
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April 1, 2012 - June 30, 2012 |
Q2 2012 |
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July 1, 2011 - September 30,
2011 |
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Q2 2013 |
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July 1, 2012 - September 30,
2012 |
Q3 2012 |
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October 1, 2011 - December 31,
2011 |
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Q3 2013 |
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October 1, 2012 - December 31,
2012 |
Q4 2012 |
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January 1, 2012 - March 31, 2012 |
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Q4 2013 |
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January 1, 2013 - March 31, 2013 |
FY 2012 |
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April 1, 2011 - March 31, 2012 |
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FY 2013 |
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April 1, 2012 - March 31, 2013 |
2012 YTD |
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April 1, 2011 - December 31,
2011 |
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2013 YTD |
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April 1, 2012 - December 31,
2012 |
Summary
Following the disposal of First Uranium's
principal assets in Q2 2013 and the repayment of all of its debt
and other obligations, other than Cdn$4.5
million related to the 4.25% unsecured convertible
debentures (the "Debentures") during Q2 2013, the Corporation made
an initial distribution (the "Distribution") on October 1, 2012 of Cdn$0.125 (ZAR1.05)
per unit to shareholders of the Corporation, totaling $30.3 million, in the form of a redemption of
12.5 Class A Special Shares at a price per share of Cdn$0.01 (ZAR0.08402).
On January 22,
2013 and February 1, 2013,
respectively, the escrow funds related to the sale of MWS to
AngloGold Ashanti Limited ("AGA") ($25
million) and the sale of the Ezulwini Mine to Gold One
International Limited ("Gold One") ($5
million), was released to the Corporation.
On January 28, 2013, the
Corporation repaid the remaining amount (Cdn$4.5 million) due under the Trust Indenture
for the Debentures.
The Board of the Corporation will determine,
subject to the establishment of a reserve for any continuing and
contingent obligations of the Corporation, an additional amount to
be distributed to the holders of the Units. It is the Corporation's
present intention, subject to the requirements of the stock
exchanges, to effect an additional distribution to shareholders by
the end of March 2013.
The Corporation will also 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, the Board has not
made any decisions with respect to the windup and dissolution at
this time.
Results for Q3 2013
The Corporation reported losses from its
continuing operations of $0.6 million
and $20.7 million in Q3 2013 (Q3
2012: $14.3 million) and 2013 YTD
(2012 YTD: $42.4 million),
respectively.
Prior to the disposal of its discontinued
operations in Q2 2013, the Corporation reported a profit from its
discontinued operations of $108.6
million in 2013 YTD, compared to losses of $98.1 million in Q3 2012 and $131.4 million in 2012 YTD. The primary drivers
for the improvements over comparative periods were the $78.9 million profit on disposal of the
Corporation's principal assets during Q2 2013 along with the
derivative income related to the discontinued operations' Gold
Stream Transactions of $35.0 million
recognized in Q1 2013 compared to a derivative expense recognized
in Q3 2012 and 2013 YTD of $83.7
million and $19.0 million,
respectively.
The Corporation (including discontinued
operations) utilized $0.9 million and
$11.0 million cash from its
operations in Q3 2013 (Q3 2012: $4.0
million) and 2013 YTD (2012 YTD: $5.9
million). Prior to the disposal of its discontinued
operations in Q2 2013, the Corporation utilized $6.9 million during 2013 YTD (2012 YTD:
$30.1 million) on capital projects at
its discontinued operations. For Q3 2012, $7.7 million was utilized on capital projects at
its discontinued operations. During Q2 2013, the Corporation raised
$388.4 million cash proceeds from the
disposal of its principal assets and used a substantial portion of
the cash proceeds raised ($317.3
million) to settle the Cdn$110
million Canadian Notes ($109.0
million), the ZAR418.6 million
Rand Notes ($51.5 million), the
$10 million Gold One loan facility
and Cdn$145.5 million ($146.8 million) of the Cdn$150 million principal amount of Debentures
outstanding. During Q3 2013 the Corporation utilized $30.3 million of the remaining proceeds to pay
the Distribution as discussed under the Summary section of this
news release to the Corporation's shareholders.
As at December 31,
2012, current assets were $34.6
million (March 31, 2012:
$4.2 million), of which $30.0 million was restricted cash. The restricted
cash related to the deferred payments pursuant to the sales
transactions.
The Corporation's current liabilities amounted
to $6.2 million at the end of Q3 2013
(March 31, 2012: $268.8 million) and consisted of $4.5 million related to the maximum principal
amount remaining outstanding of the Debentures, $1.5 million tax payable provision and
$0.3 million trade and other
payables. The $4.5 million liability
related to the Debentures was settled in full on January 28, 2013.
Non-IFRS Measures
The Corporation believes that in addition to
conventional measures prepared in accordance with IFRS, the
Corporation and certain investors and analysts use certain other
non-IFRS financial measures to evaluate the Corporation's
performance including its ability to generate cash flow and profits
from its operations. The Corporation has included certain non-IFRS
measures in this document. Non-IFRS measures do not have any
standardized meaning prescribed under IFRS, and therefore they may
not be comparable to similar measures employed by other companies.
The data is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Readers are advised
to read all IFRS accounting disclosures presented in the
Corporation's Financial Statements for more detail.
Cautionary Language Regarding Forward-Looking
Information
This news release contains and refers to forward-looking
information based on current expectations. All other statements
other than statements of historical fact included in this release
are forward-looking statements (or forward-looking information).
The Corporation's plans involve various estimates and assumptions
and its business is subject to various risks and uncertainties. For
more details on these estimates, assumptions, risks and
uncertainties, see the Corporation's most recent Annual Information
Form and most recent Management Discussion and Analysis on file
with the Canadian provincial securities regulatory authorities on
SEDAR at www.sedar.com. These forward-looking statements are made
as of the date hereof and there can be no assurance that such
statements will prove to be accurate, such statements are subject
to significant risks and uncertainties, and actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements that are included herein,
except in accordance with applicable securities laws.
www.firsturanium.com
SOURCE First Uranium Corporation