First Uranium Receives Bid from South African Investor

Energy Investing

Bloomberg reported that Mandla “Bear” Kumalo, owner of investment firm Kumvest (Pty) Ltd., has offered to purchase a 26 percent stake in First Uranium Corp. (TSX:FIU). Kumalo is hoping to stop First Uranium from selling a mine to Gold One International Ltd. (ASX:GDO).

Bloomberg reported that Mandla “Bear” Kumalo, owner of investment firm Kumvest (Pty) Ltd., has offered to purchase a 26 percent stake in First Uranium Corp. (TSX:FIU). Kumalo is hoping to stop First Uranium from selling a mine to Gold One International Ltd. (ASX:GDO).

Kumvest (Pty) Ltd., Kumalo’s wholly owned investment company, would acquire new shares of First Uranium for 37 Canadian cents apiece, [Kumalo] said today in a telephone interview from Johannesburg. The offer is more than double First Uranium’s closing share price in Toronto yesterday.

The transaction is conditional on the company appointing a new chief executive officer, financial director and chief operations officer. Kumalo is also seeking the new management be given 90 days to present a turnaround plan.

Click here to read the full Reuters report.

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