URU Metals Ltd (URU)

 

LSE:URU: Investment in MRS and Warrant Exercise

URU Metals Ltd

01 Mar 2017 07:00:21

URU Metals Limited

RNS Number : 1346Y
URU Metals Limited
01 March 2017
 

 

URU Metals Limited

 

("URU Metals" or "the Company")

 

 

Investment in Management Resource Solutions Plc

 

Exercise of options

 

 

URU Metals (AIM:URU), the base metals and uranium explorer and development company, is pleased to announce that it has acquired 7,550,000 shares in Management Resource Solutions Plc ("MRS") from SCOPN Pty Ltd (representing 8.79 per cent. of the issued share capital of MRS) for a total consideration of £1,132,500, satisfied by the issue of 25,166,666 new Ordinary Shares in the Company at a price of 4.5p per share ("the MRS Consideration Shares").

 

John Zorbas, CEO of URU Metals, commented: "We are delighted to have acquired this minority shareholding in MRS which we are making both for long term investment reasons and for the potential synergies we see between the two companies. Based on the recent recovery in commodity prices and the resultant re-opening and/or expanding of mining operations in New South Wales, coupled with the continual demand for New South Wales coal from the Chinese market, we see this investment as having considerable upside potential. MRS is an exciting AIM listed business with a very impressive client list. URU also looks forward to developing its relationship with MRS, especially as we seek to develop our South African projects, where we see opportunities to benefit from MRS' broad range of skills and expertise that directly support mining across every phase of the mining cycle".

 

Exercise of options

 

The Company also announces that it has issued and allotted 20,000,000 new ordinary shares following the exercise of warrants granted to Adam International Investments Limited ("Adam International") in January 2017 at an exercise price of 1p per share (the "Warrant Exercise Shares").  The Company engaged Adam International on 1 November 2016 to provide corporate services in relation to the fundraisings subsequently completed by the Company in November 2016 (at a price of 0.4p per share) and January 2017 (at a price of 0.45p per share), and technical consulting services in relation to the work programme, budget and operations of the Company's Nickel projects in South Africa.

 

The MRS Consideration Shares and the Warrant Exercise Shares (together the "New Shares") represent 5.85 per cent. of the enlarged issued share capital of the Company. Application will be made for the New Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will be effective on 7 March 2017.

 

Total voting rights

 

Following the issue of the New Shares, the Company's share capital consists of 772,571,488 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 772,571,488. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

END

 

For further information, please contact:

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

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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