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Proposed Disposal of Zebediela & Notice of AGM
Proposed Disposal of Zebediela & Notice of AGM.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9390Q\n URU Metals Limited\n 03 March 2021\n \n \n \n \n 3 March 2021\n \n \n URU Metals Limited\n \n \n (\"URU\" or \"the Company\")\n \n \n Proposed Disposal of the Company's Zebediela Nickel Project\n \n \n & Notice of Annual General Meeting\n \n \n \n \n \n URU Metals Limited (AIM: URU), announces that its Annual General Meeting (\"AGM\") will be held at 10.00 a.m. EST/ 3.00pm GMT at the offices of URU Metals Limited at 4 King Street, West Suite 401 M5H 1B6 Toronto, ON, Canada on 1 April 2021. The Notice of AGM is being published today on the Company's website at \n \n www.urumetals.com/investor-relations/circulars-and-publications\n \n \n and will be posted to shareholders on 5 March 2021.\n \n \n The Company announced on 13 January 2021 that it has entered into a letter of intent, dated 7 January 2021 (\"LOI\"), with Blue Rhino Capital Corp (\"BRC\"), a company listed on the TSX Venture Exchange (\"TSXV\") whereby BRC proposed to acquire all of the issued and outstanding share capital of Zebediela Nickel Company (Pty) Ltd. (\"ZEB\"), which controls the Company's Zebediela Nickel Project in South Africa (the \"Zebediela Project\" or the \"Project\"). Following a period of due diligence the Company and BRC entered a Sale Agreement on 2 March 2021 pursuant to which the Company agreed to sell its holding in ZEB to BRC in exchange for the Consideration Shares (\"Disposal\") which at completion of the Disposal (\"Completion\") represent approximately 79.85% of the issued share capital BRC. As part of the transaction BRC will carry out a 2.3-1 stock Consolidation (\"Consolidation\"), and will also carry out a non-brokered private placement to raise CND $2,300,000 (\"Fundraise\"). At the anticipated issue price of the Consideration Shares this values ZEB at CND $ 10M prior to completion of the Fundraise.\n \n \n ZEB's local partner in the Project is entitled to a gross 1.5% royalty on all revenue generated from the Project (the \"Royalty\"). URU currently has a right to acquire 1% of this Royalty for 2 Million USD within 24 months of a mining right being granted in respect of the Project. URU has agreed to cede, assign, transfer and make over to BRC at Completion this right. URU will retain its 1.0 % royalty in respect of the Project. \n \n \n ...