URU Metals Limited Placing (7490W)
February 13 2017 - 8:31AM
UK Regulatory
TIDMURU
RNS Number : 7490W
URU Metals Limited
13 February 2017
URU Metals Limited
("URU Metals" or "the Company")
Placing
URU Metals (AIM:URU), the base metals and uranium explorer and
development company, is pleased to announce that it has raised
GBP535,000 (before expenses) through a placing of 11,888,888 new
Ordinary Shares at 4.5p per share ("Placing Shares") ("the
Placing").
Reasons for the Placing
Following the appointment of Henry Kloepper as an advisor to the
Board of URU the Company has been assessing various opportunities
in the Lithium sector in order to expand its portfolio of projects.
The net proceeds of the Placing will be used by the Company to
investigate these new acquisition targets and also means URU is in
a strong position to act on any attractive proposals the Board
receives.
Details of the Placing
Niketo Co.Ltd ("Niketo"), which owns a shareholding of 16.1 per
cent. of the Company's issued share capital, has agreed to
subscribe for 2,000,000 Placing Shares.
The participation of Niketo in the Placing is a related party
transaction under the AIM Rules for Companies. Jay Vieira and David
Subotic, the independent directors, having consulted with the
Company's Nominated Adviser, Northland Capital Partners Limited,
consider that the terms of Niketo's participation in the Placing
are fair and reasonable so far as the shareholders of the Company
are concerned.
Proposed Subscription by Directors
In addition to the Placing, the Board has been advised that John
Zorbas and Jay Vieira, directors of the Company each intend to
subscribe for 1,111,111 and 444,444 new Ordinary Shares
respectively on the same terms as the Placing, following the
announcement of the Placing.
Commenting on the placing, John Zorbas, CEO of URU Metals
commented:
"This placing, at a significant premium to the placing price in
January 2017, represents further investor interest in the Company's
existing projects and our plans to expand the portfolio. The new
funds raised will allow the Company to investigate and pursue other
opportunities particularly in the lithium sector where we are
reviewing a number of projects. We look forward to updating
shareholders in due course with news from our South African nickel
projects."
A further announcement will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
URU Metals Limited
John Zorbas
(Chief Executive Officer) +1 416 504 3978
Northland Capital Partners Limited
(Nominated Adviser and Joint Broker)
Edward Hutton / Matthew Johnson + 44 (0) 203 861 6625
Beaufort Securities Limited
(Joint Broker)
Jonathan Belliss + 44 (0) 207 382 8300
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
Zebediela Nickel Sulphide Project, South Africa
The prospecting rights that make up the Zebediela Nickel Project
are held by URU's wholly owned South African Subsidiary Lesego
Platinum Uitloop ("LPU"). The Project is situated approximately 7km
north east of Mokopane (formerly Potgietersrus), in Limpopo
Province, South Africa. The project area is located less than 5km
from the N1 national highway linking two major cities, and access
onto the farms is by all-weather tar and dirt roads. In addition,
the national Johannesburg to Polokwane railway line has a siding on
the property.
A previously completed NI 43-101 Mineral Resources Estimate at
the Project defined:
-- An Indicated resource of 485.4 Mt at a grade of 0.245% Ni
-- An Inferred resource of 1.115.1 Mt at a grade of 0.248% Ni
Burgersfort Nickel Sulphide Project, South Africa
50% ownership of Burgersfort, located in the Mpumalanga Province
of South Africa. Previous exploration identified disseminated
nickel targets and three deeper massive sulphide nickel
targets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEXXLFFDLFLBBK
(END) Dow Jones Newswires
February 13, 2017 08:31 ET (13:31 GMT)
Uru Metals (LSE:URU)
Historical Stock Chart
From Apr 2024 to May 2024
Uru Metals (LSE:URU)
Historical Stock Chart
From May 2023 to May 2024