REG - URU Metals Limited - Accounts Update and Suspension of Trading

URU MetalsAnnouncement

22/12/2022 15:45

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RNS Number : 6742K  URU Metals Limited  22 December 2022

22 December 2022

URU Metals Limited

("URU" or "the Company")

 

Update on Annual Report and Interim Report

Suspension of trading in shares

 

Further to the announcement of 30 September 2022, URU announces that the
annual audit is still in progress and the Company will not be in a position to
publish its annual report and accounts for the year ended 31 March 2022
("FY22") by 31 December 2022, being the deadline provided by AIM Rule 19 and
the three month extension granted to the Company for Covid related delays.

 

The Company will not be in a position to finalise and announce the interim
report and accounts for the six month period ending 30 September 2022
("Interims") by 31 December 2022, being the deadline provided by AIM Rule 18,
as a consequence of the delay to the completion of the annual audit for FY22.

 

Consequently, the Company's shares will be suspended from trading on AIM with
effect from 3 January 2023, pending publication of the annual audited accounts
for FY22 and the announcement of the Interims.

 

The Company expects to announce the FY22 results, publish the FY22 annual
report and accounts and announce the Interims no later than 31 January
2023.

 

Further updates will be made as appropriate.

 

Cash and Banking Update

The Company held cash and cash equivalents of approximately £180,000
c.US$220,000 as at 30 November  2022. As announced on 31 May 2022, the
Company has agreed to extend the repayment date and long-stop date for
conversion of the convertible loan notes held by Boothbay Absolute Return
Strategies LP ("Boothbay") to 31 May 2023 (the "Maturity Date") (previously
the maturity date was 31 May 2022).  The date by which Boothbay has the right
to convert funds due under the loan note at £0.85 per new ordinary share of
the Company ("Ordinary Shares") has also been extended to the Maturity Date.
As consideration for the extension Boothbay agreed: (i) to pay to URU
consideration of US$100,000 (the "Extension Fee"), which has been paid to URU;
and (ii) that it would not convert sums due to Boothbay under the convertible
loan note on or prior to 31 August 2022.

 

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 by agreement of the parties. As at 30 September 2022 the total
amount advanced by Boothbay to the Company is US$500,000 and none of his
amount has yet been converted into Ordinary Shares.

 

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                +1 416 504 3978

 John Zorbas

 (Chief Executive Officer)

 SP Angel Corporate Finance LLP    + 44 (0) 203 470 0470

 (Nominated Adviser and Broker)

 Ewan Leggat / Harry Davies-Ball

 

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