First Uranium Completes Private Placement

On May 3, 2007, First Uranium Corporation completed a private placement of $150 million aggregate principal amount of 4.25 per cent senior unsecured convertible debentures due June 30, 2012. The agency syndicate for the offering of debentures was led by RBC Capital Markets and included Canaccord Capital Corporation, National Bank Financial Inc., GMP Securities L.P., Cormark Securities Inc., Orion Securities Inc. and Raymond James Ltd. The debentures bear interest at a rate of 4.25 per cent per annum payable semi-annually and are convertible into common shares of First Uranium at $16.42 per share.

The net proceeds from the offering of the debentures will be used by First Uranium to (i) fund a drilling program and feasibility study in respect of the possible expansion of its Ezulwini underground uranium and gold project in South Africa; (ii) together with the net proceeds of its December 2006 initial public offering, to fund the development of First Uranium's Ezulwini underground mining project and its Buffelsfontein tailings recovery project, also in South Africa; and (iii) for general corporate purposes.

Fasken Martineau DuMoulin LLP represented First Uranium with a team that included Robert Mason, Jennifer Armstrong and Karoline Kralka (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. Christopher Barry and Dan Miller of Dorsey & Whitney LLP acted as United States counsel to First Uranium. First Uranium also received legal advice from its vice president, legal and secretary, Mary Batoff.

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


Mitchell L. Thaw Peter Laflamme Robert K. Mason Karoline A. Hunter Ian Putnam Jennifer I. Armstrong Christine Legé


Fasken Martineau DuMoulin LLP Routledge Modise Moss Morris Dorsey & Whitney LLP Stikeman Elliott LLP Webber Wentzel Bowens