First Uranium has agreed to delay the sale of its shares in Ezulwinig Mining Company to Gold One in order to satisfy terms and conditions surrounding the acquisition.
Conditions include the acquisition of all shares in Mine Waste Solutions by AngloGold Ashanti Limited from First Uranium (the AGA transaction) by July 24.
In order to provide sufficient time for the AGA transaction to be implemented, which is expected to occur on or before July 24, 2012, Gold One and First Uranium have agreed to extend the date to satisfy the conditions precedent to the Gold One transaction to July 31, 2012.
Gold One entered into agreement with First Uranium in April to acquire a 100% stake of Ezulwini Mining for $70m.
Other than the conditions precedent associated with the implementation of the AGA transaction, the material conditions precedent to the Gold One transaction have been satisfied or waived, including all of the regulatory approvals to the extent required.