First Uranium aims to raise $46m

[miningmx.com] — FIRST Uranium Corporation announced on Wednesday it has priced its previously announced public equity offering.

The offering will consist of 46,000,000 common shares at a price of $1.00 per share for gross proceeds of $46m.

The agents will have the option, exercisable for a period of 30 days from the date of closing, to purchase up to 6,000,000 additional common shares at a price equal to the offering price to cover over-allotments.

RBC Capital Markets is acting as lead agent of the offering with a syndicate that includes Raymond James Ltd., BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and Paradigm Capital Inc.

First Uranium intends to use the net proceeds from the offering for capital expenditures for the Ezulwini Mine, for capital expenditures and rehabilitation work for the Mine Waste Solutions Project and for general corporate purposes.

Closing of the offering is expected to occur on or about March 1 2011.