First Uranium Completes IPO

On December 20, 2006, First Uranium Corporation completed its initial public offering of 29 million common shares at a price of $7.00 per share for gross proceeds of $203 million. The underwriting syndicate was led by RBC Capital Markets and included Canaccord Capital Corporation, National Bank Financial Inc., GMP Securities L.P., Sprott Securities Inc., Orion Securities Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

Immediately prior to the closing of the offering, First Uranium Corporation acquired from Simmer & Jack Mines, Limited, a South African company, certain assets, including the shares of First Uranium (Proprietary) Limited and Ezulwini Mining Company (Proprietary) Limited, pertaining to the Ezulwini and Buffelsfontein uranium and gold projects in South Africa. The Ezulwini project involves the recommissioning of an underground uranium and gold mining operation and the Buffelsfontein project involves the construction of a reprocessing facility to treat gold and uranium in tailings. The net proceeds from the offering are being used by First Uranium Corporation primarily to fund the development of the Ezulwini and Buffelsfontein projects.

On December 29, 2006, pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the initial public offering, First Uranium Corporation issued an additional 4,350,000 common shares at a price of $7.00 per share for aggregate gross proceeds from the offering and the full exercise of the over-allotment option of $233 million.

Fasken Martineau DuMoulin LLP represented First Uranium Corporation with a team that included Robert Mason, Jennifer Armstrong, Darryl Levitt, John Sabetti, Al Gourley, Scott Mitchell and Dimitri Cavvadas (corporate and securities) and Mitchell Thaw (tax). Warren Drue, Maryann Middleton and Paul Levine of Routledge Modise Moss Morris acted as South African counsel to First Uranium Corporation. Christopher Barry and Kimberley Anderson of Dorsey & Whitney LLP acted as United States counsel to First Uranium Corporation.

Stikeman Elliott LLP represented the underwriters with a team that included Derek Linfield, Peter Laflamme, Daniel Jankes and Ian Putnam (corporate and securities). Manus Booysen and Angela Simpson of Webber Wentzel Bowens acted as South African counsel to the underwriters.


John M. Sabetti C. Scott Mitchell Jennifer I. Armstrong Al Gourley Darryl Levitt Mitchell L. Thaw Peter Laflamme Robert K. Mason Ian Putnam


Fasken Martineau DuMoulin LLP Dorsey & Whitney LLP Stikeman Elliott LLP Webber Wentzel Bowens