Business
Enters into agreement to Acquire 100% in SAN
Enters into agreement to Acquire 100% in SAN.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 7931T URU Metals Limited 25 November 2013 \n \n\n25 November, 2013\n \nURU Metals Limited\n(\"URU\" or \"the Company\")\n \nAgreement to acquire 100% Interest in the South African Nickel Projects \n \nThe Directors' of URU Metals Limited, (AIM:URU), the base metals and uranium explorer and development Company, are pleased to announce that they have entered into an agreement with its Joint Venture partner, Southern African Nickel Limited (\"SAN\"), to acquire 100% interest in SAN. As a result of this purchase, URU now owns 100% interest in the Southern African Nickel Joint Venture (\"SAN JV\"). The SAN JV holds 74% interest in the Zebediela Nickel Project and 50% interest in the Burgersfort Nickel Project. URU will pay the shareholders of SAN US$1 and will pay the JVs current outstanding obligations of approximately US$185,000 to its operating consultant, Pangea Exploration, a non-arms length company to SAN. \n \nHighlights\n \n· URU has increased its interest in the Zebediela Nickel Project from 37% to 74% and in the Burgersfort Project from 25% to 50%.\n· Minimal consideration for a quality project \n· Nearer to a resolution to arbitration as it re-establishes discussions with Umnex Mineral Holdings Limited, our BEE partner\n \nUmnex Mineral Holdings Limited (\"Umnex\"), the South African BEE partner on the Zebediela Project holds the remaining 26% of the Zebediela Nickel Project through its interest in the SAN-Umnex Joint Venture. SAN and Umnex are currently in the middle of an arbitration process regarding the Zebediela Nickel Project over issues within the San-Umnex Joint Venture. Through this purchase, URU inherits SAN's interest in the arbitration process.\n \nCommenting on the deal, URU Metals' CEO Roger Lemaitre said: \n \n\"For an attractive price we were able to reach an agreement with our SAN JV partner which we believe will increase shareholder value in the near future. The agreement increases URU's stake in the Zebediela Nickel project from 37% to 74% and brings us a step closer to resolving the ongoing arbitration as we continue our discussions with Umnex Mineral Holdings Limited, our BEE partner in South Africa. The Zebediela Nickel project is a world class ...