[miningmx.com] — WATERPAN Mining Consortium (WMC) wants to go it
alone for the whole of First Uranium, saying it is in the final stages of raising funds to
make a “substantial offer’ for the stricken gold miner.
The announcement comes as First Uranium shareholders are set to vote on June 13
for the sale of its two key assets, Ezulwini and Mine Waste Solutions (MWS), for a
collective amount of $405m to Gold One International and AngloGold Ashanti.
Around $320m of the sales proceeds would go towards the settlement of debt, with
shareholders standing in line for distributions of an estimated $0.11 per share.
“We are aware that a significant number of the minorities are dissatisfied with the
offer and will vote against the offer, with one of the minorities pledging its support to
WMC management should WMC table an offer to acquire FIU,’ read an edited
company announcement posted on Bloomberg.
“The support is on the back of the depth of experience in the WMC management team
and confidence in the teams to turnaround FIU.
“WMC is in the final throes of raising the necessary funds to enable it to table a
substantial offer to acquire 100% of First Uranium, including its primary assets
Ezulwini Mine and MWS. The funds being raised, and if successfully concluded will
also allow WMC to service the FIU debts.’
WMC director Chopper van der Bijl told Miningmx he expected to have an offer in place towards the end of next week.
The company saw an earlier non-binding offer of $80m for Ezulwini turned down by
First Uranium’s board.
