Business
Investment Update - UrAmerica Ltd
Investment Update - UrAmerica Ltd.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 7709I URU Metals Limited 21 June 2011 \n \n\nFor immediate release 21 June 2011\n \nURU Metals Limited\n(\"URU Metals\", \"URU\" or the \"Company\")\nInvestment Update - UrAmerica Ltd.\n \nURU Metals Limited is pleased to provide an update on the Company's investment in UrAmerica Ltd (\"UrAmerica\"), the private exploration company with large-scale uranium exploration permits in Argentina, Paraguay and Colombia.\n \nThe Company has been informed that UrAmerica has obtained 100% of the rights to conduct exploration activities on an extensive and prospective land holding in Chubut Province, Argentina (the \"Chubut Agreement\"). This exploration area is situated close to UrAmerica's existing exploration license areas and adjacent to Argentina's National Commission of Atomic Energy's (CNEA) 15.4 Mlbs Cerro Solo Deposit. Pursuant to the Chubut Agreement, UrAmerica issued 26.5 million shares in consideration such that the total number of shares now in issue in UrAmerica stands at 48,118,685. Accordingly, URU Metals' shareholding of 4,421,000 shares in UrAmerica has been diluted from 20.89 per cent. to approximately 9.2 per cent. of UrAmerica's issued share capital.\n \nFollowing the strengthening of its asset base, UrAmerica has also confirmed to URU Metals that it intends to progress a listing of the newly expanded entity on a major international stock exchange. \n \nPaul Loudon, Non-Executive Chairman of URU Metals, said:\n \n\"URU Metals is convinced of the potential value of its investment in UrAmerica and believes that these additional exploration rights enhance UrAmerica's exposure to an already proven uranium producing area of Argentina and we look forward to further developments as the project and listing plans of UrAm...