First Uranium Faces Debts, Loss of Cash

Mineweb reported First Uranium (TSX:FIU) is likely to run out of cash as the end of March as debts come due as the company considers a distress sell of its assets.

As quoted in the market news:

The first of the outstanding debts comprise Cdn$150m of unsecured convertible debentures due in June which are convertible into common shares of First Uranium. Secondly there is Cdn$110m of secured convertible notes due in March 2013. Thirdly, R419m of secured convertible Rand notes issued by MWS, due in March 2013. The majority of which is held by Village.

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