URU Metals Limited Increase and Extension of Convertible Loan Note (9534Z)
May 26 2021 - 12:02PM
UK Regulatory
TIDMURU
RNS Number : 9534Z
URU Metals Limited
26 May 2021
26 May 2021
URU Metals Limited
("URU" or "the Company")
Increase and Extension of Convertible Loan Note
URU is pleased to announce that the Company has agreed with
Boothbay Absolute Return Strategies LP to increase the amount of
the convertible loan note, as first announced on 6 May 2020, ("Loan
Note") from US$250,000 to US$500,000. In addition, the notice
period relating to the Loan Note will be extended up until 31 May
2022 with effect from 31 May 2021. All other terms related to the
Loan Note remain the same. The key terms of the Loan Note are as
follows:
(i) conversion price is a 35 per cent. discount to the Volume
Weighted Average Price ("VWAP") per share in the 5 trading days
prior to the noteholder serving a conversion notice);
(ii) a voluntary conversion price triggered on the noteholder
serving a conversion notice (being GBP0.85 per share for a period
of 90 days from the date of the Loan Note and now from 90 days
following from Amended Loan Note Instrument of 31 May 2021 ; and
following expiry of the 90 day period, a 35 per cent. discount to
the Volume Weighted Average Price ("VWAP") per share in the 5
trading days prior to the noteholder serving a conversion
notice);
(ii) on a fund raising, a 35 per cent. discount to the price per
share paid by investors on the fund raising;
(iii) on a share sale (meaning a sale of Ordinary Shares giving
control of the Company, whether for cash and/or by way of exchange
for shares in another company and/or for other consideration, and
whether or not control of the Company changes as a result of such
transaction), a 35 per cent. discount to the price per share paid
on the share sale; or
(iii) if there is no conversion notice served, fund raising or
share sale prior to the maturity date, at a 35 percent. discount to
the VWAP per share in the 5 trading days prior to the maturity
date.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information, please contact:
URU Metals Limited
John Zorbas
(Chief Executive Officer)
+1 416 504 3978
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
Ewan Leggat / Charlie Bouverat
+ 44 (0) 203 470 0470
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END
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