Uranium company on its last legs?
February 24, 2012First Uranium is looking at a distress sale of assets to settle upcoming debts, a move that would have a number of implications for shareholders Christy Filen , 22 Feb 2012 JOHANNESBURG (MINEWEB) -
It is no secret that First Uranium is in a pickle.
Releasing a forecast that shows its cash will run out by the end of March will be cold comfort to shareholders and creditors alike….
First Uranium has turned to what is conceivably its only option and that is a distress sale of its assets in an effort to settle upcoming debts…..
As if this wasn’t enough First Uranium’s Ezulwini operation is not making the gradeand its Mine Waste Solutions (MWS) is fighting licensing issues with environmentalists and the Department of Mineral Resources.
In terms of the results of an impairment exercise of the Ezulwini Mine’s assets, an impairment adjustment of $180m was recognised in the company’s financial statements….
”The Company’s ability to continue as a going concern is dependent upon its ability to bring these proposed transactions to fruition” said First Uranium…..
http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=145826&sn=Detail&pid=102 055
