Simmer and Jack studies alternatives to proposed rights offer of 360 million rand convertible bonds

By Jennifer Chiou

New York, June 4 - First Uranium Corp. announced that Simmer and Jack Mines, Ltd. is investigating alternatives to its proposed rights offer of 360 million rand of secured convertible redeemable bonds.

According to a news release, Simmer & Jack is considering the sale of a portion of the 463.9 million rand of secured convertible notes issued by Mine Waste Solutions (Proprietary) Ltd. Simmer & Jack purchased those notes as part of the First Uranium's recapitalization financing.

The main aim of the offer is to raise capital in order to minimize the dilution of Simmer & Jack shareholders, the release added.

Simmer & Jack said it expects to have reached a decision around June 22.

Johannesburg-based First Uranium is a producer of uranium and gold.

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