Business
End of Arbitration at Zebediela Nickel Project
End of Arbitration at Zebediela Nickel Project.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 2213V URU Metals Limited 11 December 2013 \n \n\n11 December, 2013\n \nURU Metals Limited\n(\"URU\" or \"the Company\")\n \n Announces End of Arbitration Proceedings and increases \nInterest in the Zebediela Nickel Project to 100 %\n \n \n The Directors' of URU Metals Limited, (AIM:URU), the base metals and uranium explorer and development Company, are pleased to announce the end of arbitration proceedings with respect to its Zebediela Nickel Project , following an agreement with its remaining JV partner under which URU will (subject to confirmatory due diligence) acquire the remaining 26% interest in the Zebediela Nickel Project currently held by a subsidiary of Umnex Mineral Holdings (Pty) Ltd. \n \nHighlights\n \n· Resolution of arbitration proceedings\n· URU has increased its interest in the Zebediela Nickel Project from 33% to 100% and in the Burgersfort Project from 25% to 50% through this agreement and the purchase of Southern African Nickel, announced 25 November, 2013.\n· Re-start the development of the Zebediela Project under URU's sole direction, as all arbitration and legal issues will be resolved.\n· Minimal consideration for a quality project- URU will issue 33,194,181 shares to Umnex Mineral Holdings, with a possibility of issuing an additional 12 million shares if URU sells the project to another party.\n· Gained prospecting and development rights over the projects, which it did not have before.\n \nCommenting on the deal, URU Metals' CEO Roger Lemaitre said: \n \n\"This agreement which consolidates ownership of one of the world's largest sulphide nickel development projects, is one which we believe will be accretive to shareholder value in the near future. URU's stake in the world-class Zebediela Nickel project has now increased from 33% to 100% through this deal and our previous purchase of Southern African Nickel. With 100% ownership of Zebediela, URU can re-start the development of this world class nickel project with combined inferred and indicated resources of over 1.5 billion tonnes free and clear of any arbitration or legal concerns.\n \nCommenting on the deal, URU Metal's Chairman David Subotic said:\n \n\"Ful...