First Uranium and Gold One seals deal for Sale of Ezulwini Mine

First Uranium announced that the Company has signed a binding Sale of Shares and Claims Agreement for the sale of 100% of thestone crushing project proposal in ethiopia issued shares of, and all shareholders' claims against, First Uranium, which holds all of the issued shares of the Ezulwini Mining Company, for a total consideration of US$ 70 million to Gold One International.

The Gold One Agreement reflects the material terms and conditions outlined in the Letter Agreement entered into by the Company and Gold One on March 2, 2012 and detailed in the Company's announcement released on the same day. As previously announced, the Gold One Transaction is subject to fulfillment of a number of conditions precedent including, inter alia, and to the extent required: (a) release of the security against the assets of EMC relating to the Secured Convertible Cdn $110 million Notes due March 31, 2013, the Secured Convertible ZAR 418.6 million Notes due March 31, 2013, and the US$10 million loan facility made available to...