Business
Placing
Placing.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 7490W URU Metals Limited 13 February 2017 \n\n \nURU Metals Limited\n(\"URU Metals\" or \"the Company\") \nPlacing\n \nURU Metals (AIM:URU), the base metals and uranium explorer and development company, is pleased to announce that it has raised £535,000 (before expenses) through a placing of 11,888,888 new Ordinary Shares at 4.5p per share (\"Placing Shares\") (\"the Placing\").\nReasons for the Placing\nFollowing the appointment of Henry Kloepper as an advisor to the Board of URU the Company has been assessing various opportunities in the Lithium sector in order to expand its portfolio of projects. The net proceeds of the Placing will be used by the Company to investigate these new acquisition targets and also means URU is in a strong position to act on any attractive proposals the Board receives.\nDetails of the Placing\nNiketo Co.Ltd (\"Niketo\"), which owns a shareholding of 16.1 per cent. of the Company's issued share capital, has agreed to subscribe for 2,000,000 Placing Shares. \nThe participation of Niketo in the Placing is a related party transaction under the AIM Rules for Companies. Jay Vieira and David Subotic, the independent directors, having consulted with the Company's Nominated Adviser, Northland Capital Partners Limited, consider that the terms of Niketo's participation in the Placing are fair and reasonable so far as the shareholders of the Company are concerned.\nProposed Subscription by Directors\nIn addition to the Placing, the Board has been advised that John Zorbas and Jay Vieira, directors of the Company each intend to subscribe for 1,111,111 and 444,444 new Ordinary Shares respectively on the same terms as the Placing, following the announcement of the Placing.\nCommenting on the placing, John Zorbas, CEO of URU Metals commented:\n\"This placing, at a significant premium to the placing price in January 2017, represents further investor interest in the Company's existing projects and our plans to expand the portfolio. The new funds raised will allow the Company to investigate and pursue other opportunities particularly in the lithium sector where we are reviewing a number of projects. We look forward to updating shareholders in due course with news from our South African nickel projects.\"\nA further announcement will be made in due course.\nThis ...