For the Management Discussion & Analysis and Financial
Statements please refer to SEDAR at www.sedar.com. All amounts are
in US dollars ("$"), except where otherwise indicated.
TORONTO and JOHANNESBURG, Nov. 14,
2013 /CNW/ - First Uranium Corporation (NEX:FIU.H) (JSE:FUU)
(ISIN:CA33744R5047) ("First Uranium" or "the Corporation") today
announced its financial results for the six months ended
September 30, 2013.
Abbreviation |
Period |
Abbreviation |
Period |
Q1 2013
Q2 2013
Q3 2013
Q4 2013
FY 2013 |
April 1, 2012 - June 30, 2012
July 1, 2012 - September 30, 2012
October 1, 2012 - December 31, 2012
January 1, 2013 - March 31, 2013
April 1, 2012 - March 31, 2013 |
Q1 2014
Q2 2014
Q3 2014
Q4 2014
FY 2014
|
April 1, 2013 - June 30, 2013
July 1, 2013 - September 30, 2013
October 1, 2013 - December 31, 2013
January 1, 2014 - March 31, 2014
April 1, 2013 - March 31, 2014 |
Recent Developments
As previously announced on October 29, 2013, First Uranium entered into a
definitive agreement (Arrangement Agreement) with Algold Resources
Ltd. (Algold) pursuant to which Algold will acquire, by way of a
court-approved plan of arrangement, all of the issued and
outstanding units (FIU Units) of First Uranium (the
Transaction).
Pursuant to the terms of the Arrangement
Agreement, it is intended that First Uranium shareholders will
receive 0.0729849 of an Algold share for each Unit held. In
addition, for every full Algold share issued to a First Uranium
shareholder, such holder will receive ½ of one Algold common share
purchase warrant (the "Algold Warrants"). Each full Algold
Warrant entitles the holder thereof to purchase one Algold share at
a price of $0.20 per Algold share at
any time for a period of eighteen months following the issuance of
the Algold Warrants. Full details with respect to the terms
of the Transaction and the Arrangement Agreement are included in
the management information circular dated November 8, 2013, which was mailed to all
registered holders of units of the Corporation, as at the record
date, on November 13, 2013, and which
is available on SEDAR at www.sedar.com.
Pro forma the Transaction, First Uranium shareholders will own
approximately 52% of Algold (based on fully diluted in the-money
shares outstanding) subject to adjustments pursuant to the
Arrangement Agreement.
Summary of Financial Results
The Corporation reported losses from its continuing operations
of $0.3 million in Q2 2014 (Q2 2013:
loss of $5.6 million) and
$0.3 million in 2014 YTD (2013 YTD:
$16.0 million).
Prior to the disposal of its discontinued
operations in Q2 2013, the Corporation reported a net profit from
its discontinued operations of $74.3
million in Q2 2013, comprised of a profit of $78.9 million from the disposal of First
Uranium's two operations offset by a loss of $4.6 resulting from the activities of the
operations up to date of disposal. For 2013 YTD, the Corporation
reported profits from its discontinued operations of $108.6 million, comprised of the profit from
disposal of the operations as well as a net profit of $29.7 resulting from the activities of the
operations. The primary driver for the profit from operating
activities in 2013 YTD was the derivative income related to the
gold stream transactions compared to the derivative expense
recognized in previous reporting periods.
During Q2 2014 and 2014 YTD, the Corporation
utilized $0.2 million and
$0.7 million, respectively, of its
remaining cash on ongoing corporate expenses. During Q2 2013 and
2013 YTD, the Corporation (including its discontinued operations)
utilized cash from its operations of $14.1
million and $10.1 million,
respectively.
During Q2 2013 and 2013 YTD, First Uranium
raised $338.4 million net cash
proceeds from the disposal of the operations of which $60.3 million was placed in escrow accounts for a
six-month period. The Corporations operations utilized $4.3 million in Q2 2013 and $7.9 million during 2013 YTD on capital projects
and other investing activities related to its discontinued
operations.
As at September 30,
2013, the Corporation's current assets were $4.5 million (March 31,
2013: $4.6 million). The
Corporation's current liabilities amounted to $1.5 million (March 31,
2013: $1.3 million),
consisting of a $0.9 million income
tax payable provision and $0.6
million of trade and other payables.
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 Management
Information Circular, Annual Information Form and Management's
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