Business
Investment in MRS and Warrant Exercise
Investment in MRS and Warrant Exercise.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 1346Y URU Metals Limited 01 March 2017 \n\n \nURU Metals Limited\n \n(\"URU Metals\" or \"the Company\") \n \n \nInvestment in Management Resource Solutions Plc\n \nExercise of options\n \n \nURU Metals (AIM:URU), the base metals and uranium explorer and development company, is pleased to announce that it has acquired 7,550,000 shares in Management Resource Solutions Plc (\"MRS\") from SCOPN Pty Ltd (representing 8.79 per cent. of the issued share capital of MRS) for a total consideration of £1,132,500, satisfied by the issue of 25,166,666 new Ordinary Shares in the Company at a price of 4.5p per share (\"the MRS Consideration Shares\"). \n \nJohn Zorbas, CEO of URU Metals, commented: \"We are delighted to have acquired this minority shareholding in MRS which we are making both for long term investment reasons and for the potential synergies we see between the two companies. Based on the recent recovery in commodity prices and the resultant re-opening and/or expanding of mining operations in New South Wales, coupled with the continual demand for New South Wales coal from the Chinese market, we see this investment as having considerable upside potential. MRS is an exciting AIM listed business with a very impressive client list. URU also looks forward to developing its relationship with MRS, especially as we seek to develop our South African projects, where we see opportunities to benefit from MRS' broad range of skills and expertise that directly support mining across every phase of the mining cycle\".\n \nExercise of options\n \nThe Company also announces that it has issued and allotted 20,000,000 new ordinary shares following the exercise of warrants granted to Adam International Investments Limited (\"Adam International\") in January 2017 at an exercise price of 1p per share (the \"Warrant Exercise Shares\"). The Company engaged Adam International on 1 November 2016 to provide corporate services in relation to the fundraisings subsequently completed by the Company in November 2016 (at a price of 0.4p per share) and January 2017 (at a price of 0.45p per share), and technical consulting services in relation to the work programme, budget and operations of the Company's Nickel projects in South Africa.\n \nThe MRS Consideration Shares and the Warr...