By Kenneth Lim
Boston, April 19 - Canada's First Uranium Corp. priced an upsized C$150 million offering of five-year convertible unsecured debentures on Wednesday near the rich end of talk to yield 4.25% with an initial conversion premium of 37.5%.
The convertibles were talked at a coupon of 4.25% and an initial conversion premium of 35% at the midpoint.
The size of the deal was originally C$130 million. There is no greenshoe.
RBC Capital Markets was the lead underwriter of the Regulation D offering.
The convertibles are non-callable for the first three years, after which they may be called subject to a hurdle at 130% of the conversion price.
First Uranium, a Vancouver, B.C.-based gold and uranium mining company, said it will use the proceeds of the offering to fund a drilling program and possible expansion of its Ezulwini mine in South Africa and for general purposes.
First Uranium's common stock is listed on the Toronto Stock Exchange.
| Issuer: | First Uranium Corp.
|
| Issue: | Convertible unsecured debentures
|
| Bookrunner: | RBC Capital Markets
|
| Amount: | C$150 million
|
| Greenshoe: | None
|
| Maturity: | June 30, 2012
|
| Coupon: | 4.25%
|
| Price: | Par
|
| Yield: | 4.25%
|
| Conversion premium: | 37.5%
|
| Conversion price: | C$16.42
|
| Conversion ratio: | 60.90
|
| Call protection: | Non-callable before 2010, thereafter callable subject to hurdle at 130% of conversion price
|
| Puts: | None
|
| Price talk: | 4.25%, up 35%
|
| Pricing date: | April 18, after the close
|
| Settlement date: | May 3
|
| Distribution: | Regulation D
|
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