REG - URU Metals Limited - Extension of Convertible Loan Maturity Date

URU MetalsAnnouncement

02/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240102:nRSB2637Ya&default-theme=true

RNS Number : 2637Y  URU Metals Limited  02 January 2024

2 January 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 28 February
2024 ("Maturity Date") and Boothbay has also agreed that it will not convert
sums due under the convertible loan note into ordinary shares of the Company
("Ordinary Shares") prior to 31 January 2024.

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 at 29 December 2023
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                +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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUKOBROAUUUAA