Business
Expands into Sweden
Expands into Sweden.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 3833F URU Metals Limited 23 May 2013 \n \n\n \nEmbargoed until 7am on\n23rd May, 2013\n \nURU Metals Limited\n(\"URU\" or \"the Company\")\n \nURU Metals Expands into Sweden with the acquisition \nof Svenska Skifferoljeaktiebolaget\n \n \nURU Metals Limited, (AIM:URU), the base metals and uranium explorer and development company, today announces that it has acquired an interest in six mineral exploration licenses in central Sweden, known as the Narke Project by purchasing the entire issued share capital of Svenska Skifferoljeaktiebolaget (\"SSOAB\") from the vendor Global Hydrocarbons Limited (\"GHL\"), for an initial consideration of US$300,000 and 17,000,000 million ordinary shares in URU Metals, representing 12.8 per cent of the Company. \n \nA further cash-payment of US$200,000 will be made upon the successful completion of the first drilling exploration program on the properties. Based upon a price of 2.25 pence per URU share (being the closing share price of URU shares on 21 May 2013) the maximum total consideration of the transaction is $1.078 million.\n \nSSOAB's main assets are the ownership of six mineral exploration licenses in Sweden.\n \nLocated in Narke Province, approximately 150 km from west-south-west of Stockholm, near the regional centre of Orebro, the exploration licenses cover approximately 7,087 ha of land overlying prospective Alum Shale outcrops with known high levels of kerogen (which can be converted to oil), and metals such as uranium, vanadium, molybdenum and nickel.\n \nThe property is subject to a net-profits-interest royalty of 5 per cent on profits from any mineral produced from the property, after all costs are recovered, including pre-production exploration and development expenditures. \n \nBACKGROUNG INFORMATION AND RATIONALE FOR THE ACQUISITION\n \nSweden is one of the world's most favourable mining jurisdictions. Between 1941 through 1966, a Swedish government-owned company produced 61 tonnes of uranium (134,500 lbs) and established an oil-recovery plant on the project, which recovered approximately 159,100 m3 of petroleum (1 million barrels) and 418,400 m3 of fuel oil (2.6 million barrels), \n \nThe Alum shale is world renown as being one of the world's largest repositories of metals,...