REG - URU Metals Limited - Placing of £300k and Appointment of Joint Broker

URU MetalsAnnouncement

28/03/2025 07:15

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RNS Number : 5964C  URU Metals Limited  28 March 2025

28 March 2025

URU Metals Limited

("URU" or "the Company")

 

Placing to raise £300,000 and Appointment of Joint Broker

 

The Company is pleased to announce that it has raised £300,000 before
expenses through a placing of 10,000,000 new ordinary shares of no nominal
value each in the capital of the Company (the "Placing Shares") at a price of
3p per share (the "Placing"). The Placing was arranged by Axis Capital Markets
Limited ("Axis").

 

Use of proceeds

 

The Directors have undertaken the Placing to facilitate and accelerate
activities at the Zebediela project. These funds will be used for:

 

•   geophysical interpretation to assist with targeting higher grade
targets within Zone 1 and Zone 2, and possibly identify sulphide targets (Zone
3);

•    reinterpretation of historic drilling results;

•    establishing the ground work for a maiden NI43-101 compliant
resource;

•  improving the overall grade on the historical nickel resource by
targeting the geological units where there are higher nickel grades at the
base of Zone 1 and within Zone 2; and

•    continuing progress towards mining rights being awarded.

 

 

Appointment of Joint Broker

 

Axis has subscribed for the shares on behalf of its clients. URU has appointed
Axis as joint broker to the Company with immediate effect.

 

 

Admission and Dealings of the Shares

 

The Placing Shares will be issued as fully paid and will rank pari passu in
all respects with the existing ordinary shares of the Company, including the
right to receive dividends and other distributions declared on or after the
date on which they are issued.

 

Application will be made to the London Stock Exchange for the Placing Shares
to be admitted to trading on AIM at 8.00 a.m. on or around 3 April 2025.

 

 

Total Voting Rights

 

Following admission of the Placing Shares, the Company's issued share capital
will be 51,167,275 Ordinary Shares. This figure of 51,167,275 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.

 

 

CEO John Zorbas commented: "As things begin to pick up at the Zebediela
project we are pleased to announce a partnership with Axis as these funds are
pivotal in accelerating our ongoing work program. We look forward to updating
the market on several fronts in the near term."

 

 

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, CEO

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

 (Nominated Adviser and Broker)

 Ewan Leggat / Jen Clarke

 Axis Capital Markets Limited     +44 (0) 203 0260320

 (Joint Broker)

 Lewis Jones

 

 

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