First Uranium seeks CAD150m cash

Moneyweb reports First Uranium implementing a recapitalisation programme involving convertible notes to revive a cash infusion of  CA$150m.

The programme is to be supported by Johannesburg-listed Simmer & Jack, which holds 37.2% of First Uranium, and which could increase its stake to as much as 48% if conversion is eventually chosen.

It is also clear from Friday’s announcements that First Uranium CEO Gordon Miller will be stepping down. In mid-December, Simmers announced, along with a new proposed board, that its then-CEO and then-chairman, Gordon Miller and Nigel Brunette, would be stepping down. Brunette’s role as chairman at First Uranium is apparently on countdown.

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