11 June 2024
URU Metals Limited
("URU" or "the
Company")
Extension of Convertible Loan Maturity
Date
URU announces that the repayment date for the
convertible loan from Boothbay Absolute Return Strategies LP
("Boothbay") has been extended to 31 December 2024 ("Maturity
Date").
Details regarding the convertible loan note
were announced by the Company on 6 May 2020, and the maturity date
for the note has been extended on a number of occasions since this
date by agreement of the parties. As of today the total amount
advanced by Boothbay Absolute Return Strategies LP to the Company
was US$500,000.
Unless repaid by the Company, amounts due to
Boothbay under the convertible loan note shall convert at or prior
to the Maturity Date:
(i) at a price that 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) on completion of an equity fundraising by
the Company, at a price that is a 35 per cent. discount to the
price per share paid by investors on such equity
fundraising;
(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 such a share sale; or
(iv) if there is no conversion notice served,
equity fundraising 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.
In the event that Boothbay is issued with any
new Ordinary Shares pursuant to a conversion of the loan note, it
will be issued with one warrant attaching to each new Ordinary
Share issued, with an exercise period of 18 months from the date of
grant and exercisable at £0.85 per new Ordinary Share.
Market Abuse
Regulation (MAR) Disclosure
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 / Caroline
Rowe
|
+ 44 (0) 203 470 0470
|
