First Uranium Calls Olma Demands “Unrealistic”

First Uranium Corporation (TSX:FIU,JSE:FUM) announced a demand from Olma Investment Group and other dissident shareholders to renegotiate the terms of agreed asset sales.

As quoted in the press release:

As has been previously communicated, First Uranium’s board of directors first announced on March 2, 2012 that it had approved the sale, through two subsidiary holding companies, of its Mine Waste Solutions operation and the Ezulwini mine, to AngloGold Ashanti Ltd. and Gold One International Ltd. for $335 million and $70 million respectively.

First Uranium’s Lead Independent Director, John Hick said:

Olma and its partners have repeatedly promised a concrete alternative to our restructuring plan. Instead of putting forward a viable stand alone proposal as Olma has been promoting, they have only come forward with a set of unrealistic demands that have zero chance of being accepted by the parties involved.

Click here to read the First Uranium Corporation (TSX:FIU) press release.