URU Metals Limited Investment in MRS and Warrant Exercise (1346Y)
March 01 2017 - 1:01AM
UK Regulatory
TIDMURU
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 GBP1,132,500,
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
END
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