First Uranium granted TSX review extension

[] — First Uranium Corporation, the Canadian uranium junior that is developing uranium mines in South Africa on Thursday advised that it has received a 30-day extension of their Toronto Stock Exchange (TSX) listing review.

The company, which has just been recapitalised by its shareholders, said its recapitalisation financing relied upon exemptions from the security holder approval requirements of the TSX available in cases of financial hardship.

As is the ordinary course in the circumstances, the TSX scheduled a listing review for early July.

But the company said last month that the new management team at its Ezulwini Mine was completing a detailed “bottom-up” review of the mine plan to ensure that the projected financial results are confirmed.

First Uranium therefore requested the extension to allow sufficient time for the review of the mine plan and projected financial results to be completed and incorporated into the submission.

Shares in First Uranium closed unchanged at R8.50 on the JSE.